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The Central Bank of Nigeria (CBN) has dismissed media reports that President Muhammadu Buhari has agreed to the devaluation of naira.

The CBN Acting Director, Corporate Communications Department, Mr. Isaac Okoroafor, said the apex bank has not taken such step.

“We have been hearing rumours making the rounds that the Naira had been devalued. I want to tell you now that it is not true. The Naira has not been devalued,” Okoroafor told Punch on the telephone on Friday night, May 13, and declined to comment further.

Pulse had reported, quoting SaharaReporters, that Buhari had bowed to pressure from the International Monetary Fund (IMF) to devalue the Naira from the current official rate of N197 to N290 to a dollar.

Last month, the IMF had lamented Nigeria's foreign exchange policy, saying it is having negative impact on many businesses - insisting that the Naira is currently overvalued.

READ: Buhari rules out Naira devaluation

It said if urgent steps are not taken to address the issue, it could result in further delays in the much needed foreign direct investments.

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