FactCheck: CBN Did Not Devalue the Naira as Claimed By Daily Trust in its Exclusive News Report

Mustapha Lawal 

Claim

Daily Trust Newspaper claimed in an exclusive report that the Central Bank of Nigeria (CBN) devalued Naira To N630/$1.

Verdict

False! The Central Bank of Nigeria did not devalue Naira to N630/$1.According to a press release on the official page of the Central Bank of Nigeria, the exchange rate at the investors’ & Exporters’ (I&E) window was said to have traded this morning (1 June 2023) at #465/US$1. 

Full-text

Daily Trust, a popular newspaper platform in Nigeria published an exclusive news report on Thu, 1 June 2023 at 6:19:40 WAT and laid the claim that the Central Bank of Nigeria (CBN) devalued Naira To N630/$1.

“The Central Bank of Nigeria (CBN) has devalued the Naira to N631 to the dollar from N461.6 it sold at the Importers and Exporters (I&E) window the previous day” the report states. 

The news story furthered that “at the resumption of the weekly bidding for foreign exchange, the apex bank sold the spot rate to banks on behalf of their customers at N631 to a dollar and most bidders got the full amount they requested.”

The Daily Trust report states that one of the customers informed them that they applied and that their request was fully granted at N631 as against N461.6.

Verification

FactCheckElections findings revealed that the Central Bank of Nigeria (CBN) debunked the news story on its official Twitter page a few hours after the publication of the exclusive report. 

Also, a press release signed by Isa AbdulMumin (Ag. Director,  Corporate Communications of the CBN) declared that “CBN has not devalued the Naira”. The exchange rate at the investors’ & Exporters’ (I&E) window was said to have traded this morning (1 June 2023) at #465/US$1. 

“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market” according to the press release. 

Conclusion

FactCheckElections can conclude that the news report that the CBN devalued Naira to N630/$1 is False. According to a press release on the official page of the Central Bank of Nigeria, the exchange rate at the investors’ & Exporters’ (I&E) window was said to have traded this morning (1 June 2023) at #465/US$1. 

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