CBN denies plan to crash dollar rate to N1.25

By Joseph Chukwu
Sept. 13, 2023, 9:36 p.m.

The Central Bank of Nigeria (CBN) has denied claims that it would crash the exchange rate to N1.25/$1.

On Wednesday, CBN disclosed this via its official X, formerly Twitter handle.

Debunking the news, the apex bank attached screenshots of the report tagged “fake news” and noted that “the attached message currently circulating on social media is false and should be disregarded.”

The Telegraph recalls that on June 14, CBN announced the floating of the Naira at the foreign exchange market in line with the directive of President Bola Ahmed Tinubu.

The aim was to unify the forex market window into one; however, the naira continued to slump against the Dollar despite the move.

The Telegraph learnt that the Naira exchange stood at N742.10/$1 as of Tuesday, while the rate at the parallel market is N927/$1 today.

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