CBN denies devaluing Naira to 630 to USD

CBN blocks bank accounts of rice, textile smugglers


The Central Bank of Nigeria (CBN) on Thursday denied a report that it devalued the Naira to N631 to the dollar.

CBN tweeted “fake news” to debunk a report (not by SHIPS & PORTS) suggesting that it devalued the Naira.

The “fake” report had indicated that at the resumption of the weekly bidding for foreign exchange, the CBN sold the spot rate to banks on behalf of their customers at N631 to a dollar.

The devaluation, according to the report, comes within 24 hours after the dollar had sold for N461.6 at the Importers and Exporters (I&E) window on Tuesday. CBN said it’s fake news.

President Bola Tinubu on Wednesday met with the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, at the presidential villa.

At the end of the meeting, neither the presidency nor Emefiele disclosed the outcome of the briefing.

It was, however, gathered that the issue of the exchange rate was discussed at the meeting.

Tinubu had declared his government’s decision to unify the exchange rate in Nigeria.

The president in his inaugural speech at the Eagle Square in Abuja on Monday after he was sworn in as Nigeria’s 16th President said the CBN needs to replace the previous multiple exchange rate regime implemented during the administration of his predecessor, Muhammad

u Buhari.

Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to as the source.