By The Central Bank of Nigeria (CBN) has debunked a report by a national daily that it has devalued the naira to N631 per dollar at the importers and exporters’ (I&E) window.
Dr. Isa AbdulMumumin, the acting Director of Corporate Communication at the CBN, released a statement on Thursday morning titled ‘CBN Has Not Devalued The Naira,’ in response to the report published on June 1, 2023, with the headline “CB Devalues Naira To 630/51.”
In the statement, Dr. AbdulMumumin highlighted that the news report contained outright falsehoods and destabilizing innuendos. He emphasized that these inaccuracies were indicative of the newspaper’s potentially willful ignorance regarding the functioning of the Nigerian Foreign Exchange Market. The CBN categorically refuted the claim made in the report.
Dr. AbdulMumumin further urged media practitioners to exercise due diligence by verifying their facts with the Central Bank of Nigeria before publishing in order to prevent the dissemination of misinformation to the public.
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/S1”.
“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 A465/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.”
