Central Bank of Nigeria (CBN) has denied claims of an alleged plan to introduce a new naira policy aimed at crashing the dollar exchange rate to N1.25 kobo.
Gatekeepers News reports that the the apex bank refuted such claims in a statement posted on X, formerly Twitter.
On Wednesday, a report circulating online claimed that the apex bank suggested such a policy for November 2023.
According to the report, the policy is scheduled for November 2023 and will “better anchor inflation expectations and make for easier conversion to other major currencies”.
The report also said the policy will “reverse the tendency for currency substitution” as well as “eliminate higher denomination notes with lower purchasing power”.
Commenting on the report in a statement on Wednesday — accompanied by a screenshot of the report — the CBN said the publication is false.
“The Central Bank of Nigeria would like to bring to your attention that the attached message currently circulating on social media is false and should be disregarded,”
The CBN has been implementing various policies to reform the foreign exchange market, including the unification of exchange rates, following President Bola Tinubu’s inauguration in May 2023.
Since the Swearing-in of President Bola Ahmed Tinubu, the apex bank has been implementing new policies . Some of the policies include the cessation of restrictions on deposits into domiciliary accounts, and unification of the multiple exchange rates systems which has led to the devaluation of the naira.
The devaluation of the naira has pushed the price of the dollar in the investors’ and exporters’ (I&E) window of the official market from N461.50/$1 on June 13, to N742.10/$1 as of Tuesday.
