The Central Bank of Nigeria (CBN) has refuted claims that it has devalued the country’s currency, the naira.

In a statement issued by the Acting Director of Corporate Communications, Isah AbdulMumin, the CBN clarified that the exchange rate for the dollar stood at N465/$1, contrary to reports suggesting a devaluation.

The statement strongly rejected the news report, labeling it as filled with falsehood and destabilizing innuendos.

The CBN expressed disappointment at the newspaper’s alleged ignorance of how the Nigerian Foreign Exchange Market operates.

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To clarify further, the CBN emphasized that the exchange rate at the Investors’ & Exporters’ (I&E) window remained stable, trading at N465/US$1 on June 1, 2023, and had maintained this rate for a considerable period.

Earlier reports had circulated that the CBN had devalued the naira, with the exchange rate allegedly adjusted to N630 to $1 from N461.6.

However, the CBN’s official Twitter handle also explicitly stated that the naira had not been devalued.