by Dave Ibemere
The Central Bank of Nigeria (CBN) has denied devaluing the naira to N630 to the dollar from the previous rate of N461.6.
Dailytrust reported that CBN had devalued the naira in obedience to President Bola Ahmed Tinubu’s call for a unified exchange rate The move, if it were accurate would have helped to address the widening gap between the official and parallel markets
Bank of Nigeria (CBN) has come out to deny devaluing the naira to N630, as reported by Dailytrust.
The Punch also reported the news of devaluation noting that the new rate was a significant drop from the previous rate of N461.6. Ads by The exchange rates between the black and official market is different.
The devaluation report which was also reported hy the DailyNewswave comes just 48 hours after President Bola Ahmed Tinubu announced the Federal Government’s plans to unify the country’s exchange rate to stimulate the economy.
Legit.ng had reported that President Tinubu, in his inaugural speech as the 16th president of Nigeria, emphasized the need for a thorough house cleaning in monetary policy, particularly the unification of the exchange rate.
He believes such measures will drive investments in the real economy, focusing on essential sectors like manufacturing and infrastructure.
CBN reacts Reacting to the reports, CBN took to its Twitter page to deny the report sharing the screenshot of the Dailytrust newspaper report.
The tweet reads: “CBN did not devalue the Naira!” Naira exchange rate Meanwhile, Legit.ng checks show that the Naira on Wednesday, March 31, 2023 closed at the Importers and Exporters (I&E) window, where naira is officially traded at N464.67. This is a 17 Kobo or 0.04 percent loss against dollar compared to N464.50/$1 it exchanged on Tuesday.
The naira’s poor performances as seen on the FMDQ securities exchange, occurred amid a 13.1 percent or $19.02 million rise in the value of forex trades in the spot market.
The turnover for the trading session stood at $163.74 million as against the $144.72 million recorded in the preceding session. Further, a check on the CBN website interbank exchange rate shows naira closed at N461.6.
Naira equally depreciated against the Pound Sterling in the interbank segment of the forex market on Wednesday by N2.64 to close at N574.37/£1 versus Tuesday’s N571.73/£1.
While it lost 52 Kobo against the Euro to settle at N495.89/€1 versus N496.41/€1.
Report shows naira lost half its value against US dollar under President Buhari Meanwhile, in another report, the Nigerian naira’s exchange rate against the United States dollar declined significantly during President Muhammadu Buhari’s eight-year tenure.
Calculation shows that the naira weakened by 57.26% and 37.58% in the official and black markets. When President Buhari assumed office in 2015, data from the Central Bank of Nigeria’s official window indicated that the naira exchanged at N197/$ against the US dollar.
Source: Legit.ng