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.
The apex bank said this in a tweet on Thursday.
A newspaper reported that the regulator devalued the naira,
trading N631 to the dollar on the official window.
The report said the devaluation occurred 48 hours after
President Bola Ahmed Tinubu announced the plans of the federal government to
unify the country’s exchange rate to stimulate the economy.
The publication caused a stir in the country on Thursday
morning.
Speaking on the matter, CBN said it “did not devalue the
naira”.
“We wish to state categorically that this news report, which
in the imagination of the newspaper is exclusive, is replete with outright
falsehoods and destabilising innuendos, reflecting potentially willful
ignorance of the said medium as to the workings of the Nigerian foreign
exchange market,” CBN said in a statement by Isa Abdulmumin, its director of
corporate communications.
“For the avoidance of
doubt, the exchange rate at the investors’ and exporters’ (I&E) window
traded this morning (June 1, 2023) at N465/US$1 and has been stable around this
rate for a while.
“The public is, hereby, advised to ignore the news report in
its entirety, as it is speculative and calculated at causing panic in the
market.
“Media practitioners are advised to verify their facts from
the Central Bank of Nigeria before publishing in order not to misinform the
public.”
Meanwhile, the naira, on Friday, sold for as high as N632/$
at the investors and exporters (I&E) window amid increased demand.
The figure was the highest intraday rate ever recorded since
the introduction of the window in April 2017.
The I&E foreign exchange (FX) window is the country’s
official exchange rate window. It is the market trading segment for investors,
exporters, and end-users that allows for FX trades to be made at exchange rates
determined based on prevailing market circumstances.
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