The Central Bank of Nigeria (CBN) says it has not devalued the naira, contrary to speculations. The apex bank’s acting director of corporate affairs, Mr Isaac Okorafor, confirmed that the bank’s defence of the naira remained strong.

A dollar exchanges with N197 at the official market. Since last Wednesday’s announcement of a new pump price for petrol, the Nigerian currency has plummeted at the parallel market from N320 to N370 per dollar. Fuel importers, who have been told to source their forex at the secondary market, have been chasing the dollar.

The IMF has been pressuring Nigeria to devalue its currency so as to attract foreign loans and investors. The nation’s monetary authorities disagree.

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