Central Bank of Nigeria Denies Rumors of Equalizing Dollar and Naira, Dismisses Devaluation Claims
The Central Bank of Nigeria (CBN) has unequivocally denied recent rumors suggesting a plan to peg the Nigerian Naira (NGN) to the United States Dollar (USD) at a one-to-one exchange rate. The CBN also refuted any discussions or directives related to the devaluation of the Naira, stating that no such policy change has been made or considered.
In a statement released on September 13, 2023, the CBN addressed the circulating reports that had caused concern among the Nigerian public and the international community. The central bank clarified its stance, emphasizing that it has not issued any official statement or received directives from the government regarding an equal exchange rate between the Naira and the US Dollar.
The statement from the CBN read, “We wish to categorically state that the news of a one-to-one exchange rate between the Naira and the Dollar is false and should be disregarded. The Central Bank of Nigeria has not made any such announcement, nor has it been instructed to implement any policies of this nature.”
Furthermore, the CBN expressed its commitment to maintaining a stable exchange rate and ensuring the economic stability of Nigeria. It affirmed that any future decisions regarding currency policies would be communicated through official channels, following due process and consultation with relevant stakeholders.
This official clarification from the CBN comes as a response to the concerns and speculations that had arisen in the wake of the circulating rumors. Financial analysts and experts had expressed reservations about the feasibility and potential consequences of such a drastic policy change.
Nigerians and the international community have welcomed the CBN’s statement, which has alleviated concerns about the stability of the Nigerian currency. The central bank’s commitment to transparency and adherence to established procedures has reassured the public and market participants alike.
The CBN’s statement serves as a reminder of the importance of accurate and verified information in financial markets and policymaking, urging the public to rely on official sources for credible updates on economic matters.
For now, the Nigerian Naira remains subject to the prevailing exchange rates, and the central bank has affirmed its dedication to ensuring the country’s monetary stability in accordance with established economic principles and policies.