CBN debunks alleged plan to crash exchange rate to N1.25 kobo
The Central Bank of Nigeria, CBN, has said it was not planning to introduce a new naira policy that will crash the dollar exchange rate to N1.25 kobo.
On Wednesday, a report circulating online claimed that the apex bank was mulling a new FX policy.
According to the report, the policy is scheduled for November 2023 and will “better anchor inflation expectations and make for easier conversion to other major currencies”.
Read Also: Organ Harvesting: Police arrest doctor for ‘removing patient’s kidney’
The report also said the policy will “reverse the tendency for currency substitution” as well as “eliminate higher denomination notes with lower purchasing power”.

As of Tuesday, the exchange rate was N742.10 to the dollar at the investors’ and exporters’ (I&E) window — Nigeria’s official FX market.
Reacting to the report in a statement on Wednesday, the CBN said the publication was 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,” the apex bank wrote in the statement posted on X, formerly Twitter.
The financial regulator has been rolling out policies to reform the FX market since President Bola Tinubu was sworn in at the end of May 2023.
Read Also: Alleged Partisanship: Concerned members dissolve interim leadership of Kano Civil Society Forum
Some of the policies include the cessation of restrictions on deposits into domiciliary accounts, and unification of the multiple exchange rates systems which has led to the devaluation of the naira.
Read Also: Kwara evacuates street beggars from Ilorin metropolis
The devaluation of the naira has pushed the price of the dollar in the investors’ and exporters’ (I&E) window of the official market from N461.50/$1 on June 13, to N742.10/$1 as of Tuesday.
Comments are closed.