HomeBusinessCBN breaks silence, speaks on Naira devaluation

CBN breaks silence, speaks on Naira devaluation

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The Central Bank of Nigeria has devalued the naira from N461.6 to N631 per dollar.

The devaluation occurred 48 hours after President Bola Ahmed Tinubu announced Federal Government plans to unify the country’s exchange rate in order to stimulate the economy.

According to the Daily Trust, it was sold at the new rate on Wednesday on the Importers and Exporters window.

READ ALSO: CBN revokes license of 132 Microfinance banks

Since then, the CBN has denied the devaluation.

We didn’t devalue Naira – CBN

The Central Bank of Nigeria, CBN, has dismissed reports that it devalued the Naira.

Reports had earlier emerged that CBN devalued Naira from N631 to the dollar from N461.60 it sold at the Importers and Exporters (I&E) window the previous day.

However, in a tweet, via its Twitter handle on Thursday morning, CBN simply tweeted: “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 to stimulate the country’s crumbling economy.

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

Following the development, Tinubu met with the CBN Governor, Godwin Emefiele, at the presidential villa on Tuesday.

It was believed that the issue of the exchange rate and the removal of the petrol subsidy was discussed at the meeting.

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