Naira devaluation: CBN opens up, makes stunning revelations
– CBN says it will not make announcement about naira devaluation on the social media
– Warns mischief makers to desist from peddling untrue speculations
– Reveals how plans on strengthening the country’s legal tender on fx are faring
The Central Bank of Nigeria (CBN) has made clarifications on reports that it has decided to devalue the Nigerian currency.
Reports had surfaced on Friday, May 13, that Nigeria’s apex bank had taken a decision to secretly devalue the naira as pressure keeps mounting on President Muhammadu Buhari from the International Monetary Fund (IMF), to have a rethink about Nigeria’s legal tender.
According to Sahara Reporters, the naira (on Friday) crashed to N290/dollar as against the official rate of N196/dollar on the website of the CBN, as the federal government secretly carried out the devaluation process.
But, according to Guardian reports on Monday, May 16, the CBN says such a decision was never taken by the financial institution.
Isaac Okoraofor, the acting director of the company’s corporate communication department, described the speculations as the handiwork of those bent on seeing Nigeria do official work on the social media.
Although he noted that the CBN has no plans for the devaluation as is being widely speculated, Okoroafor stated that the bank would make an official announcement if it ever changes its mind on the devaluation.
He explained further that its current measures to stem the foreign exchange challenges are gradually yielding the desired results and has therefore, called on the public to disregard the reports on the speculations.
CBN rates have remained unchanged since Thursday, May 12.
Meanwhile, NAIJ.com checks on CBN’s website for official rates as at 8am on Monday, May 16, showed that the exchange rate had not witnessed any change since Thursday, May 12, and the naira remained at N196/dollar.
The post Naira devaluation: CBN opens up, makes stunning revelations appeared first on Nigeria News today & Breaking news | Read on NAIJ.COM (Nigerian newspapers).