CBN Denies Devaluing Naira to N630/$1

By Gloria Afajagbe

The Central Bank of Nigeria, CBN, has dismissed news report that it devalued the Naira to N630/$1.

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The Acting Director, Corporate Communication, Dr. Isa AbdulMumin said this in a press statement titled, “CBN Has Not Devalued the Naira”.

He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/1”.

“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this moming (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.

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The Apex bank however, advised the public to ignore the news report in its entirety, saying it is speculative and calculated at causing panic in the market.

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“Media practitioners are advised to verify their facts from the Central Bank of Nigeria before publishing in order not to misinform the public”, the statement added.

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Ismail Aniemu

Ismail Aniemu, Publisher of JournalNG and ghost writer, is a maritime journalist of over two decades' of practice with multidisciplinary background. He holds a masters degree in Transport Management from Ladoke Akintola University of Technology(LAUTECH) with bias for logistics. He is also an alumnus of the Times Journalism Institute where he obtained a post graduate diploma in Journalism. Email:

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