From Uche Usim, Abuja

The Central Bank of Nigeria (CBN) has denied devaluing the naira as reported by a national daily (not Daily Sun).

The said report said the CBN devalued the naira from N461/$1 to N631/$1.

But the apex bank, in a statement signed by its Spokesman, Dr Isa AbdulMumin described the story as fake.

He said: “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 public is hereby advised to ignore the news report by Daily Trust in its entirety, as it is speculative and calculated at causing panic in the market.

“Media practitioners are advised to verify their facts from the Central Bank of Nigeria before publishing in order not to misinform the public”, he said.

Deputy Governor, Dr Kingsley Obiora, Economic Policy Directorate of the CBN, while speaking at the Annual Retreat of the Fiscal Liquidity Assessment Committee (FLAC) in Abuja, said he worked hard to put out a fire that there has been a shift in exchange rate as erroneously reported.

Also, the exchange rate on CBN’s response is N465/$1.