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CBN Denies Devaluing Naira. It Denied Previous Devaluations Even When True - Nairaland / General - Nairaland

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CBN Denies Devaluing Naira. It Denied Previous Devaluations Even When True by Pcentric: 11:30am On Jun 01, 2023
The Central Bank of Nigeria has denied devaluing the naira in a fresh attempt to unify the exchange rate.

The bank said a report by Daily Trust was “fake news” and was “speculative and calculated at causing panic in the market.”

Analysts expect a devaluation after President Bola Tinubu said the central bank must work towards a unified exchange rate. Mr Tinubu met with the bank’s governor, Godwin Emefiele, on Wednesday.

Daily Trust reported Thursday that the CBN changed the exchange rate to N631 a dollar, from N461.6 at the Importers and Exporters (I&E) window, one of the platforms for foreign exchange trading.

The paper quoted a customer who said the central bank sold dollars to banks on behalf of their customers at N631 as against N461.6.

The CBN spokesperson Isa AbdulMumin said on Thursday the report was replete with “outright falsehoods and destabilizing innuendos”. He said the rate stood at N465 by Thursday morning.

– A pattern?

Pluboard has not confirmed the Daily Trust report – our review of rates on FMDQ, where foreign currencies are officially traded, showed that naira closed against the dollar at 464.67 on Wednesday.

But the CBN has a history of denying devaluations even when they have taken place.

In March 2020, the bank devalued the currency as the COVID crisis began to N380 a https://pluboard.com/2023/06/01/economy/cbn-denies-devaluing-naira-it-denied-previous-devaluations-too/

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