We Stand by our Story – Daily Trust Replies CBN on Naira Devaluation Exclusive

In a swift response to the Central Bank of Nigeria (CBN), the country’s leading newspaper, Daily Trust, has addressed the controversy surrounding its cover page story published on Thursday, June 1, 2023.

The newspaper had reported on the devaluation of the Nigerian Naira by the apex bank, highlighting the shift from N461.6 to N631 against the US dollar, as observed at the Importers and Exporters (I&E) window. Verified accounts from bank customers corroborated this information, confirming that their applications were approved at the revised rate of N631.

However, the story gained significant traction on social media platforms, prompting the CBN to respond via its official Twitter handle. The bank posted a stamp dismissing the report as “Fake News” and further released a statement casting doubt on the credibility of Daily Trust.

In the statement, the CBN accused Daily Trust of disseminating falsehoods and insinuations that could potentially cause disruption, alleging a lack of understanding of the Nigerian Foreign Exchange Market by the newspaper.

Countering the CBN’s claims, Daily Trust issued a compelling statement, asserting that it possesses concrete evidence supporting the reported exchange rate. The newspaper openly challenged the central bank to present any contradictory facts to substantiate its stance.

Read the statement below.

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