The Central Bank of Nigeria (CBN) has denied plans to implement a new policy that would crash the exchange rate of the Nigerian naira to N1.25 kobo against the US dollar.
A recent online report suggested that the policy was scheduled for November 2023. According to the report, this policy aimed to improve inflation control, facilitate currency conversion, discourage the use of other currencies, and eliminate lower-value naira notes.
However, the CBN via its official X page has declared the report false and urged the public to disregard it. https://x.com/cenbank/status/1701869656833761742?s=20
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