Home Fact Check FACT CHECK: Did CBN devalue the Naira to 630/$1?

Screenshot of the news report

On June 1, 2023, Daily Trust reported that the Central Bank of Nigeria (CBN) has devalued the Naira to 630/$1. The report on the country’s currency devaluation was shared on the Newspaper’s Twitter page and as of the time of this report, the tweet has garnered over 500,000 views. 

Screenshot of the post on Twitter

This is coming a few days after Bola Tinubu was officially sworn in as Nigeria’s president, where he announced that his government would unify multiple exchange rates and not entertain fuel subsidy.

The Nigeria National Petroleum Company Limited (NNPCL) announced an increase in the price of premium motor spirit (PMS) barely 24 hours after its group managing director and the CBN governor met with Tinubu over fuel scarcity which surfaced shortly after the inauguration. 

Claim: CBN devalues the Naira to 630/$1 


On June 1, 2023, barely three hours after the Daily Trust report, the CBN circulated a press release titled “CBN Has Not Devalued The Naira.”

In the press release signed by Isa Abdulmumin, the acting director of CBN’s corporate communications, the apex bank described Daily Trust report as “outright falsehoods and destabilizing innuendos. ”

The CDD Election War Room checked the Investors’ & Exporters’ (I&E) window and can confirm that as of the time of this fact-check, the exchange rate trades at 464/ $1. 

Verdict: FALSE

The claim that the CBN has devalued the Naira to 630/$1 is false. The CBN has debunked the claim and further investigation by the CDD War Election Room showed that the exchange rate still stands at 464/$1 in the Investors’ & Exporters window. 

Leave a Reply