The Central Bank of Nigeria (CBN) says it is not planning to introduce a new naira policy that will crash the dollar exchange rate to N1.25 kobo.
On Wednesday, a report circulating in a section of the media claimed that the apex bank is considering 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”
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.
Commenting on the report in a statement on Wednesday — accompanied by a screenshot of the report — the CBN said the publication is false.
