News making the rounds that The Central Bank of Nigeria has devalued the naira to N631 to the dollar from N461.6 is fake according to the Apex Bank.
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Peddlers of the information had said The devaluation came 48 hours after President Bola Ahmed Tinubu announced the plans of the Federal Government to unify the country’s exchange rate to stimulate the economy.
The CBN has asked the information be disregarded.
A top official of the apex bank says that the report is completely false, and has warned warned that such reports could have serious adverse consequences for the economy.
According to the top official, the CBN has not changed its strategy of allowing a gradual convergence of the parallel and official market exchange rates.
The report is not true. The CBN has not devalued the naira. The exchange rate of the naira on the FMDQ website as at yesterday was N464.67 per dollar. The authors of the report may have their own agenda, but the CBN’s plan is that the best approach is to allow for a gradual convergence of all the rates.
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