Naira still falls despite CBN’s denial.
2 min read
Last week, Nigeria’s media space was awash with stories of the devaluation of the Naira by the almighty Central Bank of Nigeria CBN. The acceptance of the news by the already frustrated Nigerians who were still caught by the tragic incident of fuel subsidy removal by the Federal Government was such a herculean task. Businessmen and women across the country considered the move by the CBN as an economic overkill which Nigerians would not be able to come out of, considering the hardship the subsidy removal has inflected on them.
Despite the news of the devaluation of the Naira to 630 to 1 US Dollar, the CBN still within the week announced that it had never devalued the Naira. Many Nigerians saw this as a relief and the right way to go.
According to the statement issued by the Acting Director, Corporate Communication, Dr. Isa AbdulMumin titled, “CBN Has Not Devalued the Naira”.
The CBN top official wrote. “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.
“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful 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’ & Exporters’ (I&E) window traded this morning (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.”
“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful 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’ & Exporters’ (I&E) window traded this morning (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.”
The CBN document finally advised the general public to ignore such news items and go about their normal businesses.
On the contrary and despite the rebuttal by the CBN, the Naira according to a news report Umuaka Times monitored last week still dropped. Business Day newspaper reported that “Naira on Thursday depreciated by 1.32 percent at the parallel market after the Central Bank of Nigeria (CBN) denied a report on currency devaluation.”
For now, many Nigerian businessmen and women are simply watching the trends as they unfold. For now, the Naira remains stable but no one can say for tomorrow.
