In recent days, there has been a buzz in Nigeria’s financial circles regarding an alleged plan by the Central Bank of Nigeria (CBN) to introduce a new naira policy that would significantly impact the dollar exchange rate. However, the CBN has moved swiftly to dispel these rumors, issuing an official statement to clarify its position on the matter.

The online report, which gained traction on social media, claimed that the CBN was considering implementing a new foreign exchange (FX) policy slated for November 2023. According to the report, this policy aimed to achieve several objectives, including better anchoring of inflation expectations and facilitating easier conversion to major international currencies. Additionally, it purportedly sought to address the issue of currency substitution and eliminate higher denomination notes with reduced purchasing power.

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As of Tuesday, the official exchange rate for the dollar in Nigeria’s investors’ and exporters’ (I&E) window stood at N742.10, reflecting the ongoing fluctuations in the foreign exchange market.

However, the CBN has now officially denied the existence of any such policy. In a statement posted on its official social media account, the CBN categorically labeled the report as false and urged the public to disregard the misinformation.

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This development comes against the backdrop of a series of policy changes in Nigeria’s foreign exchange market, which began following the inauguration of President Bola Tinubu in May 2023. Some of these policies have included the removal of restrictions on deposits into domiciliary accounts and the unification of the multiple exchange rate systems, contributing to fluctuations in the value of the naira.

The devaluation of the naira has been a point of concern for many, with rates fluctuating from N461.50/$1 on June 13 to the current rate of N742.10/$1.

In conclusion, the CBN’s swift response to dispel the rumors regarding a drastic naira policy highlights the importance of verifying information from credible sources. It underscores the challenges faced by Nigeria’s foreign exchange market in its pursuit of stability and economic growth. While the CBN remains committed to implementing policies that promote a resilient economy, it emphasizes that any significant changes will be communicated officially through the appropriate channels.

Source: The Cable

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