Top Level Insider Within CBN Says Naira Not Devalued

An insider within the Central Bank of Nigeria (CBN) says the naira has not been devalued to N631 per dollar at the Importers and Exporters’ (I&E) window.

The source insists that contrary claims are “false”.

“The CBN retains its strategy of allowing a gradual convergence of the parallel and official market exchange rates” the source insists.

The official pointed out that claims of devaluation “could have serious adverse consequences for the economy” and asserted “The CBN has not devalued the naira. The exchange rate of the naira on the FMDQ website as at yesterday (May,31, 2023) was N464.67 per dollar.”