Daily Trust Newspaper Stands Firm as CBN Denies Naira Devaluation Report |www.cliptvonline.com

Nigerian newspaper, Daily Trust, finds itself in a dispute with the Central Bank of Nigeria (CBN) over the denial of its cover page story published on Thursday, June 1, 2023. The article in question reported the devaluation of the Naira to N631 against the dollar, a significant drop from the previous day’s rate of N461.6 at the Importers and Exporters (I&E) window.

According to the newspaper, some bank customers confirmed that they had applied and received approval for foreign exchange transactions at the rate of N631 per dollar, contrary to the CBN’s official rate. However, the CBN took to its Twitter handle to dismiss the report, labeling it as “Fake News” with a stamped image.

In response to the CBN’s denial, Daily Trust released a statement asserting that it had evidence supporting the reported exchange rate and challenged the CBN to provide counter-facts. The newspaper emphasized that its story was based on three factual elements: the CBN’s sale of dollars to banks at the stated rate, President Bola Ahmed Tinubu’s commitment to unifying Nigeria’s exchange rate markets, and a meeting between Tinubu and CBN Governor Godwin Emefiele on Tinubu’s assumption of office.

Daily Trust further argued that only a policy change by the government through the CBN could explain the significant overnight difference of N169.4 between the two exchange rates. The newspaper maintained its position, stating that it stood by the facts presented in the story and reiterating its status as a reputable news platform known for its commitment to public interest journalism.

The newspaper highlighted its track record of impactful reporting, accolades received, and the caliber of professionals it has trained and contributed to various organizations, including individuals currently working within the CBN. Daily Trust emphasized its unwavering pursuit of truth on behalf of the Nigerian public, expressing surprise and disappointment at the CBN’s crude accusations against its longstanding reputation.

While the reasons behind the CBN’s denial remain unclear, Daily Trust remains resolute in its stance, asserting the veracity of its story and calling for the CBN to present contrary evidence. The dispute between the newspaper and the central bank underscores the importance of accurate and reliable reporting, particularly concerning sensitive financial matters that impact the nation and its citizens.