The Central Bank of Nigeria (CBN) said yesterday that those campaigning for further devaluation of the naira, or speculating it has already devalued the local currency should have rethink. There were speculations that the CBN would devalue the naira, as a last resort to ongoing economic crisis and will come immediately after raising fuel prices.
But CBN’s Acting Director, Corporate Communications, Isaac Okoroafor, dismissed speculations that the naira was already devalued further, saying the speculations are unfounded. Speaking yesterday, the Apex Bank’s spokesman said the regulator will not, and has not devalued the naira. “Naira has not been devalued. The naira devaluation rumour is untrue,” he said.
But amidst devaluation uncertainties and shortages of FOREX, most foreign investors remain cautious about entering the Nigerian market whilst currency and reinvestment risks linger.