The Central Bank of Nigeria (CBN), says it has not devalued the Naira.
It was reported earlier that CBN devalued Naira to N631 to the dollar from N461.60 it sold at the Importers and Exporters (I&E) window the previous day.
However, in a statement on Thursday morning, CBN said it has not devalued the Naira.
In the statement signed by Isa AbdulMumin, the CBN said, ”For the avoidance of doubt, the exchange rate at the Investors and Exporters window traded this morning (June 1,2023) at N465/$1 and has been stable around this rate for a while.”
The reported devaluation is coming barely 48 hours after President Bola Tinubu announced the plans of the federal government to unify Nigeria’s exchange rate to stimulate the country’s crumbling economy.
Recall that the President had in his inaugural speech said that the “Monetary policy needs a thorough house cleaning.”
Following the development, Tinubu met with the CBN Governor, Godwin Emefiele, at the presidential villa on Tuesday.
It was believed that the issue of the exchange rate and the removal of the petrol subsidy was discussed at the meeting.
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