The Central Bank of Nigeria (CBN) has denied reports that it devalued the local currency, calling the claims "fake news" and stating that the report contains falsehoods and destabilizing innuendos.

The CBN emphasized that the report's authors lack an understanding of how the Nigerian foreign exchange market works. The CBN provided the exchange rate of N465 per dollar at the Investors' & Exporters' (I&E) window, while the parallel market rate was reported to be as high as N740 per dollar.

The Daily Trust, the publication behind the report, stands by its story and calls on the CBN to provide evidence to refute its claims. The publication highlights that it is based on three factual elements, including the CBN selling dollars at the rate of N631 per dollar on May 31, as well as President Tinubu's call for the unification of the naira's exchange rates and his meeting with the CBN governor.

The Daily Trust asserts that it has evidence to support its claims and challenges the CBN to present contrary facts.

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