As economy struggles, foreign reserves tumble and government debt skyrockets, Nigeria’s central bank denies moves to devalue the naira

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Simon Ateba is Chief White House Correspondent for Today News Africa. Simon covers President Joe Biden, Vice President Kamala Harris, the U.S. government, the United Nations, the International Monetary Fund, the World Bank and other financial and international institutions in Washington D.C. and New York City.

Nigeria’s central bank on Thursday denied it was about to devalue the naira, saying in a statement it had launched an investigation into identifying those spreading false rumors creating panic in the market, including FX dealers.

In a corrupt country where the central bank is used to fund elections, look the other way when the nation embarks on borrowing spree like now, and encourage official executive theft by keeping quiet as billions meant for public coffers remain missing, a letter denying the devaluation of the naira seems to be as worthless as the credibility of those writing it.

CBN does not send statements to TODAY NEWS AFRICA but like all other agencies, this publication always gets the statements and information it needs, often from those within those same agencies.

In the latest statement, CBN spokesman Isaac Okorafor said there was no need to devalue the naira, claiming the bank had maintained relative stability in all segments of the foreign exchange market in nearly four years.

He said the size of Nigeria’s foreign reserves remained “robust” and “comfortable”.

Spokespersons are paid to deny, deflect, protect, manage, explain, deny again and often lie until they retire and look behind only to see the havoc their complicity had done.

Over the past few years, the Buhari administration has embarked on a scary borrowing spree, securing close to N300 billion recently for malaria and immunization.

Last week, the corrupt Nigerian National Assembly gave Mr. Buhari the approval to borrow more than $22.7 billion.

Mr. Buhari who is leaving office in just 38 months has claimed he needs all the money to build infrastructure, develop Nigeria and create jobs for millions of unemployed youths.

But many doubt he would achieve anything. Since he came into in 2015, promising to bolster the economy, create jobs and fight corruption, none has been achieve.

Instead, the billions of dollars being borrowed on behalf of Nigeria seem to have no impact.

This article would be expanded. Read the CBN full statement below.

  

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