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Fake News Alert: CBN Has Not Devalued The Naira

Central Bank of Nigeria, CBN has not devalued the Naira against foreign currencies.

Gatekeepers News reports that an authoritative CBN source confirmed this to the THEWILL on Thursday.

The source noted that the story “is inaccurate, misleading, and False.”

Some sections of the media, not Gatekeepers News had reported that the apex bank devalued the Naira to 630/$1.

Meanwhile, the exchange rate between the Naira and the US dollar according to the data released on the FMDQ Security Exchange the official forex trading portal showed that the Naira opened at ₦464.10 per dollar on Wednesday, May 31, 2023, and closed at ₦464.67 per $1 on Wednesday, May 31, 2023.

The CBN’s Ag. Director, Corporate Communications, Isa AbdulMumin, further debunked the fake news in a statement recently made available to Gatekeepers News.

The statement read, “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.”

While urging the public to ignore the news report, the CBN advised media practitioners “to verify their facts from the Central Bank of Nigeria before publishing in order not to misinform the public.”

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