The Central Bank of Nigeria, (CBN), has debunked a report that it is planning to introduce a new naira policy that will crash the dollar exchange rate to N1.25 kobo.
This is in response to a report that circulated online yesterday, which claimed that the apex bank is mulling out 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”. The report also said the policy will “reverse the tendency for currency substitution” as well as “eliminate higher denomination notes with lower purchasing power”.
Commenting on the report in a statement yesterday, which was accompanied by a screenshot of the report, the CBN said the publication is false.
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.
