Coronavirus: No plan to devalue Naira ― CBN


Threatens sanctions against speculators

Coronavirus: No plan to devalue Naira ― CBN

Emma Ujah, Abuja Bureau Chief

The Central Bank of Nigeria (CBN) has not devalued the Naira and vowed to sanction authorised dealers found to be involved in currency speculation.

According to the Director, Corporate Communications, “Market fundamentals do not support Naira devaluation at a time”

He said in a statement “the CBN has not devalued the Naira. Consequently, the CBN will invoke the full weight of applicable sanctions on any persons and authorized dealers found to be involved in such disruptive and speculative market behaviour

“The Central bank of Nigeria (CBN) wishes to note with displeasure, the rumours and speculative activities of unscrupulous players in the foreign exchange market, borne out of the impression that the CBN is on the verge of devaluing the Naira, and triggering panic in the FX Market.

“These rumours are false, unwarranted and calculated to serve their dubious and selfish ends.

“We, therefore,…

Source: Vanguard Newspaper