CBN debunks alleged plan to crash exchange rate to N1.25/$

The Central Bank of Nigeria (CNB) has debunked the claim that it’s planning to introduce a new naira policy that will crash the exchange rate to N1.25/$.

A report circulating on social media had earlier claimed that the apex bank is considering a new naira policy.

The policy which according to the report would take effect in November is said to have been designed to “better anchor inflation expectations and make for easier conversion to other major currencies.”

The report also claimed that the policy would “reverse the tendency for currency substitution” as well as “eliminate higher denomination notes with lower purchasing power.”

Reacting to the report, the CBN in a statement on Wednesday, September 13, 2023, dismissed the report, saying it is a false publication.

“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 bank said in the statement posted via his verified X handle. 

It would be recalled that the since Administration of President Bola Tinubu commenced, the CBN has been making moves to reform the foreign exchange market. 

Some of the policies include the unification of the multiple exchange rate systems and the removal of restrictions on deposits into domiciliary accounts.