We didn’t devalue Nigerian naira – CBN.

Reports that the Central Bank of Nigeria, also known as the CBN, devalued the Naira have been refuted by the CBN.

Earlier in the day, it was reported that the Central Bank of Nigeria (CBN) had devalued the naira from N631 to the dollar to N461.60, which it had sold at the Importers and Exporters (I&E) window the day before.

On the other hand, the CBN stated unequivocally in a tweet that it sent out Thursday morning via its official Twitter handle that “CBN did not devalue the Naira!”

The rumoured currency devaluation comes just under 48 hours after President Bola Tinubu announced the plans of the federal government to unify Nigeria’s exchange rate in an effort to stimulate the economy of the country, which is currently in a state of decline.

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You may recall that in his inaugural address, the President stated that “Monetary policy needs a thorough house cleaning.”

In light of the recent events, Tinubu met with Godwin Emefiele, the governor of the Central Bank of Nigeria, on Tuesday at the presidential villa.

It was speculated that the meeting was used to discuss the problem of the fluctuating exchange rate as well as the elimination of the government subsidy for petrol.