The Central Bank of Nigeria (CBN) has refuted the claim that it has devalued the naira.
Isah AbdulMumin, the spokesperson for the bank’s Communications department, stated that the dollar was traded at N465/$1, contradicting the reports suggesting otherwise.
In a statement, AbdulMumin emphasized that the news report in question contained falsehoods and misleading implications, displaying a potential lack of understanding regarding the functioning of the Nigerian Foreign Exchange Market.
He clarified that the exchange rate at the Investors’ & Exporters’ (I&E) window stood at N465/US$1 on the morning of June 1, 2023, and has remained stable at this level for some time.
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.
Earlier reports by a newpaper outlet claimed that the Central Bank of Nigeria devalued the naira to N630/$1 from N461.6/$1 on Wednesday.
An anonymous source, quoted by the media outlet, indicated that the dollar was indeed traded at the new rate on the Importers and Exporters Window during the same day
