CBN denies devaluing Naira
The Central Bank of Nigeria (CBN), on Thursday, denied the purported reports of devaluing the Naira.
The earlier reports have it that CBN devalued Naira to N631/$1 from N461.60 it sold at the Importers and Exporters (I&E) window the previous day.
Meanwhile, CBN in a tweet via its Twitter handle, said, “CBN did not devalue the Naira!”.
The purported devaluation reports is coming barely 48 hours after President Bola Ahmed Tinubu announced the plan by his administration to unify Nigeria’s exchange rate to stimulate the nation’s economic crisis, saying 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, which was believed that the issue of the exchange rate and the removal of the petrol subsidy was discussed at the meeting.
