Business News
BREAKING: CBN Denies Devaluing Naira to N630/$1
The Central Bank of Nigeria (CBN) has debunked the report that it has devalued the Naira to N630/$1 in the official market
A top official of the apex bank, who told this medium that the report is completely false , warned that such reports could have serious adverse consequences for the economy.
According to the top official, the CBN has not changed its strategy of allowing a gradual convergence of the parallel and official market exchange rates.
“The report is not true. The CBN has not devalued the naira. The exchange rate of the naira on the FMDQ website as at yesterday was N464.67 per dollar. The authors of the report may have their own agenda, but the CBN’s plan is that the best approach is to allow for a gradual convergence of all the rates.”
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