Suspended Central Bank of Nigeria (CBN) governor, Godwin Emefiele
Updated: CBN denies fresh naira devaluation
The Central Bank of Nigeria (CBN) has reacted to a report that it has devalued the Naira to N631 at the official rate, saying it is not true.
It said this in a statement issued on Thursday morning by its Director of Corporate Communications Dr Isa AbdulMumin that the dollar-naira exchange rate at the Importers and Exporters (I&E) window remained N461.6.
The CBN was reacting specially to Daily Trust’s report that at the resumption of the weekly bidding for foreign exchange, the apex bank on Wednesday sold the spot rate to banks on behalf of their customers at N631 to a dollar.
This is coming about three days after President Bola Ahmed Tinubu announced the plans of the Federal Government to unify the country’s exchange rate to stimulate the economy.
A tweet from the CBN’s handle also said, “CBN did not devalue the Naira.”
The World Bank has repeatedly advised the CBN to unify the exchange rates.
The World Bank and many economists affirm that multiple exchange rates will lead to uncertainty and create room for arbitrariness.
A US dollar currently exchanges at around N750 at the parallel market.
Lionel Messi’s napkin contract sells for £762,400 The napkin on which Barcelona agreed to sign…
Referee saved Fury from knock-out in Round 9, says Usyk’s promoter Oleksandr Usyk’s promoter, Alexander Krassyuk…
NDLEA declares couple wanted, houses sealed after cocaine seizure The National Drug Law Enforcement Agency, (NDLEA)…
JUST IN: Helicopter carrying Iran’s president crash-lands A helicopter carrying Iranian President, Ebrahim Raisi, has…
Mother, 2 kids, motorbike rider crushed to death in Osun A devastating road accident occurred on Saturday…
Tension in Akwa Ibom over abduction of monarch A monarch, Ogwong Okon A. Abang, has been…