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Nigeria's central bank dispels claims of a new currency policy that will see $1 exchange for N1.25

IN SHORT: Nigeria's economy is going through a tough time. But claims that a new policy will see a rate of just over one naira to the dollar – down from more than 700 naira – are false.

Nigeria’s economy is struggling with inflation as a result of the removal of a key fuel subsidy. This has led to a sharp increase in transport and production costs, directly affecting the cost of goods and services across the country.

In light of this, a post shared on Facebook and WhatsApp in Nigeria claims the Central Bank of Nigeria (CBN) is introducing a new policy that will allow the naira to be exchanged at N1.25 to $1. 

The post reads: “Breaking Central Bank of Nigeria is about to introduce a new naira policy by November 2023 that would make $1 USD exchange = N1.25.” 

The same claim appeared on Facebook here, here, here and here

But did the banking regulator announce this new policy? We checked.

CurrencyPolicy_False

CBN says it’s ‘fake news’

Given the rising cost of living and the price at which the naira exchanges – N765 to the dollar in September 2023 – such a policy by the central bank would have made both local and international headlines, if it were true.

We asked Isa Abdulmumin, the CBN’s director of media relations about the claim. He replied with a screenshot of the message stamped with “FAKE NEWS”.

A search of the CBN website and its verified official X (formerly Twitter) handle found no evidence of the claim. 

The CBN hasn't announced that $1 will be exchanged for N1.25. Disregard social media claims to the contrary.

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