The Central Bank of Nigeria (CBN) has affirmed its commitment to gradual rate convergence and denied devaluing the naira. Although the Import and Export window adjusted its rates, the CBN didn’t officially do so. While a report had supposed the CBN devalued the naira to N631/$, the Acting Director of Corporate Communications, Dr. Isa AbdulMumin, dismissed it as false. Despite that, financial analyst Paul Alaje predicts inflation between 34% and 38% in the next two to three months if the naira devalues. He noted that widespread adoption of electronic payment modes has also impacted monetary policy management in efforts to maintain price stability and financial stability.

Source: The Guardian June 02, 2023 10:19 UTC