Home Business It’s Fake News: CBN Denies Devaluing The Naira To N630/$1

It’s Fake News: CBN Denies Devaluing The Naira To N630/$1

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The Central Bank of Nigeria (CBN) has debunked the report that it has devalued the Naira to N630/$1 in the official market.

A national newspaper reported on Thursday on its front page that the apex bank had adjusted the exchange rate of the Naira to the United States Dollar in the Investors and Exporters (I&E) window of the foreign exchange (FX) market.

But reacting to the news, the central bank described the report as “fake news,” urging members of the public to disregard it as such had not been done.

The domestic currency depreciated against the greenback in the spot market on Wednesday by 0.04 per cent or 17 Kobo to close at N464.67/$1 compared with the preceding day’s N464.50/$1.

On Monday, President Bola Tinubu announced that his government would want the CBN to harmonise the different exchange rates.

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