The Central Bank of Nigeria (CBN) has refuted claims suggesting that it has devalued the country’s currency, the naira.

In an official statement released by Isah AbdulMumin, the Acting Director of Corporate Communications, the CBN clarified that the exchange rate of the dollar stood at N465/$1, contradicting the reports circulating in the media.

The statement emphasized, “We want to firmly assert that this news report, which the newspaper believes to be exclusive, contains blatant falsehoods and misleading insinuations, indicating a potential lack of understanding of how the Nigerian Foreign Exchange Market operates.”

“To dispel any doubts, the exchange rate at the Investors’ & Exporters’ (I&E) window, which was recorded this morning (June 1, 2023) at N465/US$1, has remained stable around this rate for a considerable period,” the statement further explained.

A previous article by Daily Trust had claimed that the CBN devalued the naira to N630 per $1 from the previous rate of N461.6.

Furthermore, the official Twitter account of the CBN posted a tweet this morning stating, “CBN did not devalue the naira.”