Abuja, Nigeria – The Central Bank of Nigeria (CBN) has officially refuted claims of planning to introduce a new naira policy aimed at drastically reducing the exchange rate of the dollar to N1.25 kobo.
The CBN addressed these speculations in response to a report circulating online.
The report, which surfaced on Wednesday, suggested that the CBN was considering a new foreign exchange (FX) policy slated for implementation in November 2023.
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The alleged policy aimed to better stabilize inflation expectations and facilitate smoother conversions to other major currencies. Additionally, it was said to intend to counter the practice of currency substitution and phase out higher denomination notes with diminished purchasing power.
As of Tuesday, the exchange rate stood at N742.10 to the dollar in the investors’ and exporters’ (I&E) window, which is Nigeria’s official FX market.
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In response to the online report, the CBN issued a statement vehemently denying its authenticity. The apex bank urged the public to disregard the circulating message, clarifying that it was entirely false.
The Central Bank of Nigeria would like to bring to your attention that the attached message currently circulating on social media is false and should be disregarded,” read the statement posted by the CBN on various platforms.
The CBN has been actively implementing a series of policies aimed at reforming the FX market since President Bola Tinubu assumed office at the end of May 2023. Some of these policies have included the removal of restrictions on deposits into domiciliary accounts and the unification of the multiple exchange rate systems, which has led to the devaluation of the naira.
The devaluation of the naira has resulted in a significant shift in the price of the dollar in the investors’ and exporters’ (I&E) window of the official market. From a rate of N461.50/$1 on June 13, it has risen to N742.10/$1 as of the latest available data.
The CBN’s denial of the rumored policy reflects the ongoing efforts to address concerns and maintain stability in Nigeria’s foreign exchange market.
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