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CBN debunks rumoured devaluation of Naira


The Central Bank of Nigeria (CBN) has reacted to rumours of possible devaluation of Naira.

It should be noted that the outbreak of Coronavirus and other factors have greatly affected the global economy.

In a recent statement obtained by POLITICS NIGERIA, the CBN in reaction to recent calls for the devaluation of the Naira in response to the current global economic challenge said the time was not ripe for such an intervention.

The apex bank said in a statement by its spokesperson, Isaac Okorafor.

“The Central Bank of Nigeria wishes to note with displeasure, the rumours and speculative activities of unscrupulous players in the foreign exchange market, borne out of the impression that the CBN is on the verge of devaluing the Naira, and triggering panic in the FX Market,”

“These rumours are false, unwarranted and calculated to serve their dubious and selfish ends,” Mr Okorafor added.

Meanwhile, the apex bank said it has commenced investigations in collaboration with the Nigerian Financial Intelligence Unit (NFIU) and related agencies to uncover the unscrupulous persons and FX dealers “behind the panic call”.

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