₦airaland Forum

CBN did not devalue the Naira!

https://twitter.com/cenbank/status/1664188877555355654

CBN Has Not Devalued The Naira

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.

Media practitioners are advised to verify their facts from the Central Bank of Nigeria before publishing in order not to misinform the public.

Isa AbdulMumin PhD Ag.
Director. Corporate Communications
June 1. 2023

https://twitter.com/cenbank/status/1664195669484097536?s=20

Whatever tinubu cannot do does not exist

Lol buh the thing don dey show for Binance the rate at which Dollar dey crash dere na Per Seconds...


Wetin trade 750 this morning is already trading at 715....

Tinubu media crew go use lies and propaganda finish us for this administration. We're in for a long ride.

inoki247:
Lol buh the thing don dey show for Binance the rate at which Dollar dey crash dere na Per Seconds...


Wetin trade 750 this morning is already trading at 715....

You clearly don't understand what is happening

SalamRushdie:
You clearly don't understand what is happening

Buh people are already doing panic selling...

Only God knows what this emi lo kan and his wife are planning for Nigerians...they will soon pocket all their supporters

This was how Buhari's perilous government started - with lies, rumours, and so much debunking, which eventually made Nigerians to lose their trust.
They have started again o!
It is too early o!

Some people are juz bent on making this nation ungovernable for there selfish reasons

Ok

Then what have you done?

Really

"No, CBN Did Not Devalue the Naira

The report that CBN has devalued the Naira is misleading or perhaps an honest reporting mistake by journalists who lack understanding of how CBN’s I&E Window operates. What they call devaluation is the exchange rates established in accordance with the prevailing market conditions.

The I&E FX Window, which stands for “Investors’ and Exporters’ Forex Window,” was adopted by the Central Bank of Nigeria in 2017. It’s a dedicated trading segment for investors, exporters, and end-users. It enables foreign exchange transactions to occur at exchange rates determined by prevailing market forces, which means these rates fluctuate persistently.

Operating as an electronic trading system, the I&E Window allows buyers and sellers to submit their bids and offers for different currencies. The rates at which trades are executed within the window are determined by the forces of supply and demand, reflecting the prevailing market conditions.

This trading window is open to investors, exporters, authorized dealers (commercial banks), portfolio investors, and other individuals or organizations engaged in foreign exchange transactions. It operates within a framework defined by the CBN, which sets guidelines and regulations to ensure fair and transparent trading practices.

Last year, the apex bank announced that they had attracted over US$50 billion in investments to Nigeria within three years as a result of this practice. Meffy even justified the place of the Window, explaining that CBN’s decisions were consistently guided by the prevailing economic fundamentals—and that’s what the Window does.

Whether the Window has truly improved our liquidity as claimed is left for experts to figure out, but the rates generated through the platform aren’t static. The N630/$ that our journalists reported as devaluation is actually the highest spot rate in a day, and lowest rate of the day in question was N410/$. It’s determined by the forces of demand and supply, and would keep on changing.

You can monitor the I&E rate via this website, fmdqgroup.com/exchange/, revealed in the CBN circular announcing the Window, and track the fluctuations of the exchange rate across hours every day. The closing rate for yesterday was ₦464.67." — Gimba Kakanda via FB

First, it was subsidy confusion.

Second, it was DSS vs efcc fooling themselves.

Now is CBN without direction.

Things are seriously falling apart.

inoki247:
Lol buh the thing don dey show for Binance the rate at which Dollar dey crash dere na Per Seconds...


Wetin trade 750 this morning is already trading at 715....

because of fake news

E don start...

Less than one week...

Omo this year with balabu i no go stress, no energy to complain i go put am into something else.

Yet BDCs and Virtual dollar card providers have already increased their rates. For instance, PayDay and Klasha have increased their rates already. Klasha went from #763 that it has been for weeks, to #790.

Obidient propaganda

inoki247:
Lol buh the thing don dey show for Binance the rate at which Dollar dey crash dere na Per Seconds...


Wetin trade 750 this morning is already trading at 715....

So to you whose benefit will it be Country or Binance users?
U clearly don't have an iota of what is going on.

More than one exchange rate. Confusing FX

Hate children

Dey play

This development will lead to new business opportunities

If you know any GENUINE and LEGAL business that can generate forex earnings please hit me up let's run it together.

I'm ready to provide capital of up to US$1,000

Nonsense.

Na so una talk say una never comot subsidy for the month of May only for Nigerians to wake up 24 hours after to a new draconian price regime.

We know that there must be a unified exchange rate just like subsidy had to go at some time, so could you just get it over with and stop playing these hide and seek games.

Mele Kyari, that Zainab Delilah cum Jezebel woman and Emefiele are all unrepentant chronic liars and devils that Nigerians should place their necks in the gulliotine reminiscent of the French revolution.

eventually it will

Lol

Na which kind lie be this sef?

The DotNation and propaganda

Dem go use lies, half-truths and misinformation take finish Nigerians!


Most of us are already used to this pattern which was perfected by Buhari's government!

E be many things walahi