Reactions as CBN denies devaluation of Naira from 630/$1
By Ishaya Ibrahim
The Central Bank of Nigeria (CBN) has denied a news report that it devalued the Naira from N461 to N631 at the Importers and Exporters (I&E) window.
A report by Daily Trust had claimed the apex bank sold dollars to banks at N631 to a dollar, signaling a new regime of unification of the exchange rate in line with the promise of the new president
The newspaper quoted a source in one of the commercial banks who claimed that their FX request was fully granted at N631 as against N461.6.
Recall that the new President, Bola Ahmed Tinubu, had, during his inaugural speech as president, said: “Monetary policy needs a thorough house cleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.”
Unifying the exchange rate will cure the arbitrage, which is the unfair practice of buying the Naira at the official rate of N461 and selling it at N750 at the parallel market.
But the CBN, in a statement by Acting Director, Corporate Communications, Isa AbdulMumin, said the news report was fake.
“We wish you state categorically that this news report, which is the imagination of the newspaper is exclusive, is replete with falsehoods and destabilizing innuendos, reflecting potentially wilful 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’ and Exporters’ (I&E) Windows traded this morning (June 1, 2023) at N465/USD$1 and has been stable around this rate for a while.”
Reactions on Twitter
@EgoOkolobia1 said: “@cenbank
I beg you guys with everything you hold dear! Let this fake news be truly fake because one thing we have gotten used to in this country is the way you debunk some news that later turns out to be the reality. We saw a lot of that during the naira redesign. I beg una ooo”
@MrKriz4 said: “Is not better to devalue it?…. Can the common man access the CBN rate?… No .. so why not devalue it.
@mclairity said: “My own be say make food stuffs no increase pass wetin e be now.”
@Kamakis4 said: “Every Nigerian has been on panic since 29th May.
We wonder what they will change next.”