CBN Debunks Rumours About Naira Devaluing

CBN Debunks Rumours About Naira Devaluing

Eludoyin Oluwanisola

As rumours about the diminishing value of naira continues to spread, the Central Bank of Nigeria (CBN) has come out to debunk them.

According to a statement by its Director, Corporate Communications, Mr Isaac Okorafor in Abuja on Friday, the rumours are totally false and are being spread by some foreign exchange dealers for their selfish interests.

He expressed disappointment at the speculations and said appropriate measures would be taken to put a stop to it.

“We therefore wish to state that we have begun a robust and coordinated investigation in collaboration with the Nigerian Financial Intelligence Unit (NFIU) and related agencies to uncover the unscrupulous persons and Foreign Exchange dealers who are creating this panic, and the full weight of our rules and regulations will be meted out to them.

“This including, but not limited to, being charged for economic sabotage.

“For nearly four years, the CBN has successfully maintained relative stability in all segments of the foreign exchange market, which has enabled investors, households and other economic agents to plan and to conduct their genuine foreign exchange transactions with relative ease.

“The introduction of several foreign exchange management measures side-by-side with complementary interventions in food production and manufacturing has drastically reduced food importation, which hitherto constituted a large chunk of the pressure on the foreign exchange market.

“Although the outbreak of the Coronavirus led to global economic slowdown, fall in the price of crude oil, and less inflow of dollars into Nigeria, the associated public health concerns have also led to factory closures in China, substantial drop in imports, widespread travel restrictions around the world, and cancellation of many conferences, sporting events, business travels, and foreign exchange orders.

“The size of Nigeria’s foreign exchange reserves remains robust and comfortable, given the current realities of Nigeria’s genuine and legitimate Foreign Exchange demand. As such, the CBN remains able and willing to meet all genuine demand for foreign exchange for legitimate transactions,” he explained

Okorafor pointed out that CBN had not devalued naira.

Happenings Media