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Importers ask CBN to be truthful about Naira Devaluation



Importers have asked the CBN to be truthful about Naira Devaluation.

This comes after DailyTrust had recently reported that CBN has devalued the naira from ₦461.

However in a statement by the CBN on the 1st of June 2023, the CBN denied the report as false.

The statement reads, “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report by Daily Trust Newspaper of June 1, 2023, titled “CBN Devalues Naira To 630/$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.

“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this morning (June 1, 2023) at N465/US$1 and has been stable around this rate for a while”.

“The public is hereby advised to ignore the news report by Daily Trust in its entirety, as it is speculative and calculated at causing panic in the market”.

“Media practitioners are advised to verify their facts from the Central Bank of Nigeria before publishing in order not to misinform the public”, the statement concluded”.

However, In a report by BusinessDay titled “Business Leaders insist they get dollars at ₦630 despite CBN denial”, manufacturers and importers insisted they obtained dollars at ₦630.

The report quoted some importers with claim that there is naira devaluation and that they had bought the dollar at ₦630. One importer said “We bid every two weeks. Last week’s CBN bid rate was actually ₦634-₦636 officially. Our government should always tell us the truth, the naira has been devalued officially; that’s the truth”.

Daily Trust issued a statement regarding the matter in which they explained that they Stand by their Story. Daily Trust had said it had evidence of people who bought the dollar at ₦631 and asked the CBN to provide facts to the contrary.

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