CBN denies policy to crash exchange rate to N1.25 per dollar
The Central Bank of Nigeria (CBN) has denied a report that it is planning to introduce a new naira policy that will crash the dollar exchange rate to N1.25 kobo.
A report on Wednesday spreading online claimed that the CBN is considering a new FX policy.
The report stated that the policy is billed for November 2023 and will better anchor inflation expectations and make for easier conversion to other major currencies.
According to the report, the policy will reverse the tendency for currency substitution.
Also, it stated that the policy will eliminate higher denomination notes with lower purchasing power.
Reacting to the report on its X handle, the CBN in a statement on Wednesday described it as 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 exchange rate, as of Tuesday, was at N742.10 to the dollar at the investors’ and exporters’ (I&E) window — Nigeria’s official FX market.
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