The Central Bank of Nigeria has debunked claims reporting that the apex bank has devalued the naira to N631/$1.

The publication had earlier been made by Daily Trust. The CBN via its Twitter handle declared the report as ‘fake news.’ “The CBN did not devalue the Naira,” the bank had tweeted this, with the image of the publication attached.

Shortly after, the apex bank also released a short statement debunking the claim. The exchange rate at the Investors’ & Exporters’ (I&E) window traded this morning (June 1, 2023) at N465/US$1, according to the statement and has been stable around this rate for a while.