Naira has not devalued, CBN says

On Thursday, local media reported that the Central Bank of Nigeria (CBN) devalued the Naira to ₦631 to the dollar from ₦461.6 it sold at the Importers and Exporters (I&E) window the previous day.

In response to the report, the CBN said the report is false. "The public is hereby advised to ignore the news reports by Daily Trust [the local publication that broke the news] in its entirety, as it is speculative and calculated at causing panic in the market," Isa AbdulMumin, Director of Corporate Comms at the CBN, said.

According to the bank, the Naira exchange rate at the I&E window is currently ₦465 to $1. AbdulMumin says that aforementioned rate has been stable for a sometime now.

At his inauguration as Nigeria's new president on Monday, Bola Ahmed Tinubu said that "[The country's] monetary policy needs a thorough house cleaning. The Central Bank must work towards a unified exchange rate. This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy."

Tinubu met with the CBN Governor, Godwin Emefiele on Tuesday but the outcome of the meeting has not been made public.

This is a developing story