Business

Why we can’t devalue Naira now – CBN

Published

4 years ago

March 13, 2020

The Central Bank of Nigeria (CBN) on Thursday dismissed reports on the impending devaluation of Naira, saying the speculation by unscrupulous players in the foreign exchange market had triggered panic in the industry.

The apex bank in a statement issued by its Director of Corporate Communications, Isaac Okoroafor, in response to the stories making the round on the impending devaluation of the Naira and titled: “Market Fundamentals Do Not Support Naira Devaluation at This Time,” said the claims are false, unwarranted and calculated to serve the dubious and selfish motive of unscrupulous players in the foreign exchange market.

The statement read: “These rumours are false, unwarranted and calculated to serve their dubious and selfish ends. We, therefore, wish to state as follows:

“1. 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 FX dealers who are creating this panic, and the full weight of our rules and regulations will be meted out to them, including, but not limited to, being charged for economic sabotage.

“2. 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.”

Read below the full details of the CBN reaction to speculations on the impending devaluation of the Naira:

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