CBN denies allegations of devaluing Naira

The Central Bank of Nigeria, CBN, has denied allegations of that it has devalued the nation’s currency, Naira.

Earlier reports had emerged that CBN devalued Naira from N631 to the dollar from N461.60 it sold at the Importers and Exporters (I&E) window the previous day.

However, CBN clarified its stance in a tweet, via its Twitter handle on Thursday morning, stating: “CBN did not devalue the Naira!”

This alleged devaluation occurred shortly after President Bola Tinubu announced the plans of the federal government to unify Nigeria’s exchange rate to stimulate the country’s crumbling economy.

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Recall that the President had in his inaugural speech said that the “Monetary policy needs a thorough house cleaning.”

Tinubu had a meeting the CBN Governor, Godwin Emefiele, at the presidential villa on Tuesday where the topics of exchange rate and removal of petrol subsidies were presumed to have been discussed.