Reports About Naira Devaluation Is False – CBN

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The Central Bank of Nigeria says it has no plans to devalue the naira as against speculations making rounds.

Reports About Naira Devaluation Is False - CBN
Reports About Naira Devaluation Is False – CBN

According to a statement, CBN blamed “unscrupulous players in the foreign exchange market” for spreading the .

The statement, which was signed by Isaac Okafor, the CBN Director in charge of Corporate Communications, also noted that the false speculations have created panic in the foreign exchange market.

The apex bank however noted that purveyors of such fake news would be sanctioned.

To address this, the CBN is taking a very calculated step towards unravelling those responsible. In other words, the apex bank is working together with the Nigerian Financial Intelligence Unit (NFIU) and other relevant agencies to investigate and uncover those who are responsible for creating panic. Anybody found responsible for this will be made to face the law.

The apex bank also went forward to insist that it has not devalued the naira.

“In light of current circumstances and macroeconomic fundamentals, the CBN has not devalued the naira. Consequently, the CBN will invoke the full weight of applicable sanctions on any persons and authorised dealers found to be invoked in such disruptive and speculative market behaviour”


Adelowo Adegboyega
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