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Breaking: CBN debunks devaluation of Naira

The Central Bank of Nigeria (CBN) has refuted the claim that it had devalued the naira

In a Tweet on Thursday morning the CBN said: “CBN did not devalue the Naira”.

A top official of the apex bank expressed shock and insisted that such reports could have serious negative effect on the economy.

“The report is not true. The CBN has not devalued the naira. The exchange rate of the naira on the FMDQ website as at yesterday was N464.67 per dollar. The authors of the report may have their own agenda, but the CBN’s plan is that the best approach is to allow for a gradual convergence of all the rates,” he said.

On Thursday, Daily Trust a national newspaper had reported that the CBN on Wednesday devalued the naira to N630 to $1 from N461.6.

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