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CBN denies fake news on crashing exchange rate to N1.25 by Dec.

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Amidst viral circulation of a fake document, the Central Bank of Nigeria (CBN) on Wednesday, clarified that it was not planning to introduce a new Naira policy that would crash the FX dollar exchange rate to N1.25.

This statement comes in response to an online report that suggested the CBN was considering a new FX policy to anchor inflation expectations, facilitate easier conversion to major currencies, reverse currency substitution tendencies, and eliminate higher denomination notes with lower purchasing power. However, the CBN via its X (formerly called Twitter) handle, said it is false and should be disregarded.

It said, “The CBN would like to bring to your attention that this attached message currently circulating on social media is false and should be disregarded”. The CBN has implemented several policies aimed at reforming the foreign exchange (FX) market, particularly since President Bola Tinubu assumed office at the end of May 2023.

These policies include lifting restrictions on deposits into domiciliary accounts and unifying multiple exchange rate systems, which has led to the devaluation of the Nigerian Naira. As a result of these changes, the price of the dollar in the investors and exporters’ (I&E) window of the official market has increased from N461.50/$1 on June 13 to N742.10/$1 but remained at N920 at the streets as of the time of this report.

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