We are not devaluing the naira – CBN denies rumours

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The Central Bank of Nigeria (CBN) has denied reports that it has devalued the naira.

The CBN was earlier reported to have devalued the naira at N631 to the US dollar from N461.60 sold at the importers and exporters (I&E) the previous day. But on Thursday morning, in a tweet via its Twitter handle, CBN simply tweeted, “CBN did not devalue Naira!”.

The reported drop in the exchange rate comes less than 48 hours after President Bola Tinubu announced the federal government’s plan to unify Nigeria’s exchange rate to stimulate the country’s ailing economy. Remember, the president said in his inaugural address that “monetary policy needs to be cleaned up.”

In a development, Tinubu met with CBN Governor Godwin Emefieli at the Presidential Villa on Tuesday.

Exchange rates and removal of petrol subsidies are believed to have been discussed at the meeting.

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