Devaluation of Naira to N631 fake news – CBN

The Central Bank of Nigeria (CBN) has insisted that it has not devalued the naira to N631 per dollar at the importers and exporters’ (I&E) window.

The apex bank made this known in a tweet on Thursday.

Reports had earlier emerged that CBN devalued Naira from N631 to the dollar from N461.6 it sold the previous day.

However, a post on its Twitter handle on Thursday morning, read: “CBN did not devalue the Naira!”.

The reported devaluation is coming barely 48 hours after President Bola Tinubu announced the plans of the federal government to unify Nigeria’s exchange rate in order to stimulate the country’s crumbling economy.

Recall Tinubu had in his inaugural speech said that the “Monetary policy needs a thorough house cleaning.”