Alleged plans to crash the currency rate to N1.25/$ are refuted by CBN

The CBN advises Nigerians to ignore the assertions made in the report going around on social media.The assertion that the Central Bank of Nigeria (CNB) intends to implement a new naira policy that will cause the exchange rate to drop to N1.25/$ has been refuted.An earlier social media rumor suggested that the apex bank was considering changing its naira policy. According to the source, the policy, which would go into effect in November, was created to "better anchor inflation expectations and make for easier conversion to other major currencies." The policy would "eliminate higher denomination notes with lower purchasing power" and "reverse the tendency for currency substitution," according to the report.