Exchange Rate has been Stable —CBN

Linda Ike

The Central Bank of Nigeria, (CBN) has
debunked allegation to a news report by Daily Trust newspaper that the Apex bank devalues naira to 630/$1.

The Apex bank said that the news report is fake, stating that the exchange rate at the Investors’ & Exporters’ (I&E) window traded this morning (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.

Acting Director, Corporate Communications of CBN, Mr. Isa Abdulmumin stated this in a statement issued on Thursday, June 1, 2023.

The statement reads, “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report by Daily Trust Newspaper of June 1, 2023, titled “CBN Devalues Naira To 630/$1”.

“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this
morning (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.

“The public is hereby advised to ignore the news report by Daily Trust in its entirety, as it is speculative
and calculated at causing panic in the market.