The Central Bank of Nigeria (CBN) ha said there is no plan in the offing to introduce a new naira policy that will cause the dollar exchange rate to crash the dollar exchange rate to N1.25 kobo.
The banking sector made this known in a statement on Wednesday while reacting to a report circulating online, claiming that the apex bank is mulling a new FX policy.
The report, which the CBN said is untrue, indicated that the policy is scheduled for November 2023 and will “better anchor inflation expectations and make for easier conversion to other major currencies”.
It also said the policy will “reverse the tendency for currency substitution” as well as “eliminate higher denomination notes with lower purchasing power”.
However, the CBN while calling attention to the report, said in a post on X that: “Central Bank of Nigeria would like to bring to your attention that the attached message currently circulating on social media is false and should be disregarded.”