Naira strengthens to n375 after cbn ruled out devaluation
I think there may be some confusion here. The Central Bank of Nigeria (CBN) has not ruled out devaluation of the naira. In fact, the naira has been experiencing a significant devaluation in recent times due to various economic factors.
As of the time of my knowledge cutoff, the official exchange rate of the naira to the US dollar was around N410-415. However, the parallel market rate, which is often used as a benchmark for the true value of the naira, was around N480-500.
It's possible that you may have come across a misleading or outdated report that suggested the naira strengthened to N375. I would recommend verifying the information through reputable sources, such as the CBN's official website or major news outlets, to get the most accurate and up-to-date information on the naira's exchange rate.
It's worth noting that the CBN has been implementing various measures to stabilize the naira, including the introduction of a new foreign exchange window and the restriction of foreign exchange transactions to authorized dealers. However, the naira's value is still subject to fluctuations based on various economic and market factors.