The CBN refuted the report, tweeting a graphic to debunk it and referring to it as fake news. Meanwhile, on Wednesday, the CBN Governor, Godwin Emefiele, met with President Bola Tinubu where they discussed the issue of the exchange rate. Emefiele did not reveal what was discussed at the meeting, but Tinubu had already stated that his government’s decision was to unify the exchange rate in Nigeria. During the presidential inauguration ceremony, Tinubu argued that the CBN needs to replace the previous multiple exchange rate regime implemented during the administration of the previous president, Muhammadu Buhari. Tinubu also pointed out that the Naira redesign policy implemented by the CBN did not consider the number of unbanked Nigerians.

Source: The Guardian June 01, 2023 19:49 UTC