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In a recent development, the Central Bank of Nigeria (CBN) has vehemently denied the circulating news that it has devalued the Nigerian naira. Speculations had been rampant, claiming that the official exchange rate of 465 Naira to a dollar had been revised to a concerning 630 naira to a dollar. However, the CBN has come forward to clarify the situation and dismiss these rumours.
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In an official statement, the CBN emphasized that there has been no change in the country’s exchange rate policy. The Naira’s value remains unchanged, and the rate of 465 Naira to a dollar still stands as the official exchange rate. The central bank assured the public that any information suggesting otherwise is unfounded and should be disregarded. This clarification by the CBN aims to stabilize the foreign exchange market and maintain confidence in the Nigerian economy. The false reports of a devaluation had sparked concerns among businesses, investors, and the general public. By setting the record straight, the central bank aims to curb any unwarranted volatility and ensure the smooth functioning of the currency market.
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As Nigerians and the global community navigate through these challenging times, accurate information and clear communication play a pivotal role in maintaining trust and stability. The CBN’s prompt response in debunking the false devaluation claims serves as a reminder of the central bank’s dedication to fostering a resilient and thriving Nigerian economy.
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In conclusion, the Central Bank of Nigeria has dismissed the news of a devaluation of the naira, reiterating that the official exchange rate remains unchanged at 465 Naira to a dollar. This clarification aims to alleviate concerns, promote stability, and ensure that accurate information prevails in the financial landscape of the nation. Featured Image Source: Leadership News
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This article was first published on 1st June 2023


I am a poet. I am a moderate thinker who abhors radicalism on every front and believes that most things are relative. I am a social and political critic. I love writing, reading and international politics.

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