The Central Bank of Nigeria (CBN) has refuted claims of devaluing the Naira, dismissing the reports as false.
Earlier reports had suggested that the CBN devalued the Naira, with the exchange rate allegedly shifting from N461.60 to N631 to the dollar at the Importers and Exporters (I&E) window.
However, in a tweet posted on Thursday morning, the CBN clarified its position by stating, “CBN did not devalue the Naira!”.
The speculation about devaluation arose just two days after President Bola Tinubu announced the government’s intention to unify Nigeria’s exchange rate as a measure to revitalize the country’s struggling economy.
In his inaugural speech, the President emphasized the need for comprehensive reforms in monetary policy, stating that it requires a thorough house cleaning.
Following this announcement, Tinubu held a meeting with the CBN Governor, Godwin Emefiele, at the presidential villa on Tuesday.
It is believed that the meeting addressed matters related to the exchange rate and the removal of petrol subsidies.
