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Fact Check: CBN Refutes Naira Devaluation Claims

“Fact Check: CBN Debunks Daily Trust’s Naira Devaluation Report” is a fact-checking article that discredits Daily Trust’s false report about the Central Bank of Nigeria (CBN) devaluing the Naira.



Fact Check: CBN Refutes Naira Devaluation Claims

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Contrary to a recent report by the Daily Trust, the Central Bank of Nigeria (CBN) has not devalued the naira to N631 to the dollar. The news organization inaccurately claimed that CBN had made a significant devaluation from the previous rate of N461.6 at the Importers and Exporters (I&E) window. However, an official press release from the CBN contradicts this claim, setting the record straight and demonstrating the importance of accurate journalism.

The Claims

Daily Trust had posted on their website and circulated via Twitter:

“CBN reportedly devalues Naira to 630/$1. The Central Bank of Nigeria (CBN) has devalued the Naira to N631 to the dollar from N461.6 it sold at the Importers and Exporters (I&E) window the previous day.”

The Facts

However, the CBN swiftly responded with a press release on June 1, 2023, denying the devaluation claim:

“We wish to state categorically that this news report… is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market. For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this morning (June 1, 2023) at 465/US$1 and has been stable around this rate for a while.”

This assertion was further supported by, a reliable source for Nigerian and international news, which has consistently reported the CBN’s official exchange rates.


The difference between the figure reported by Daily Trust and the official figure is substantial. If the claim were true, it would signify a significant devaluation of the Nigerian Naira – a fact that would have far-reaching implications for the Nigerian economy.

The erroneous report could potentially have caused panic among stakeholders and investors. By not verifying their facts before publishing, Daily Trust failed to uphold one of the cardinal principles of journalism: accuracy.


In summary, the claim made by Daily Trust that “CBN reportedly devalues Naira to 630/$1” is FALSE. Based on the CBN’s official statement, the current exchange rate stands at 465/US$1.

It’s imperative to fact-check information, especially when it relates to sensitive matters such as a country’s economy.

Here at, we believe in providing accurate, verified information to our readers. Stay informed with us for the latest updates on Nigeria’s financial market and more.

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