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CBN Dismisses Rumours of Drastic Naira Revaluation

Abuja, Nigeria – The Central Bank of Nigeria (CBN) has refuted online rumours that it plans to strengthen the naira to N1.25 to the US dollar.

Unsubstantiated reports circulating on social media claimed the CBN would roll out a new forex policy in November 2023, pegging the exchange rate at N1.25 to $1. The purported policy was said to help curb inflation and facilitate currency conversions.

In a statement on Twitter, the apex bank categorically denied these claims. “The message circulating online about CBN introducing a new FX policy is false and should be disregarded,” the statement read.

At the investors and exporters window, the naira currently trades around N742 to $1, nowhere near the rumoured N1.25. Analysts say such a drastic revaluation is unrealistic given Nigeria’s current macroeconomic conditions.

The CBN says it remains committed to safeguarding the value of the naira using its policy tools. However, experts advise caution regarding unverified reports, noting official central bank channels are the only credible source for actual forex policy changes.

This latest incident highlights the proliferation of fake news, especially regarding sensitive topics like exchange rate policy. The CBN urges Nigerians to be wary of unsubstantiated rumours that could cause market turmoil if taken at face value.

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