CBN Denies Devaluing Naira to 630/$1

The Central Bank of Nigeria (CBN) has denied the report of the devaluation of the Nigerian currency to 630 Naira to a Dollar.

The CBN in a statement signed by its acting spokesman, Isa AbdulMumin, on Thursday said the details of the report do not conform with the realities of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors and 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 statement read in part.

The CBN urged the public to disregard the story, saying it is speculative and intended to cause panic.