CBN slams Naira devaluation claim

The Central Bank of Nigeria, CBN, on Thursday dismissed as untrue reports that it officially devalued the Naira.

The CBN had earlier reportedly devalued Naira from N631 to the dollar from N461.6 it sold at the Importers and Exporters, I&E, window the previous day.

Reacting to this via its official Twitter handle on Thursday morning, CBN tweeted: “CBN did not devalue the Naira!”.

The reported devaluation is coming barely 48 hours after President Tinubu announced the plans of the federal government to unify Nigeria’s exchange rate to stimulate the country’s crumbling economy.

Recall that Tinubu had in his inaugural speech noted the need for the Monetary policy to undergo “a thorough house cleaning.”

After which he met with the CBN Governor, Godwin Emefiele, at the presidential villa on Tuesday, hours after he was sworn in.

It was believed that the issue of the exchange rate and the removal of petrol subsidy was discussed at the meeting.