BREAKING: Naira Falls Massively Amidst CBN Governor’s Suspension

Naira has fallen massively amidst CBN Governor’s Suspension and arrest by Tinubu Presidency.


TheTimes reports that Naira on Friday depreciated further against the dollar at the Investors and Exporters window, exchanging N472.50 to the dollar.


The local currency showed a 0.64 per cent decrease when compared with N469.50 it exchanged for the dollar on Thursday.


ALSO: Black Market Players Increase Pound, Euro, Dollar To Naira Exchange Rates


The open indicative rate closed at N471.32 to the dollar on Friday.


An exchange rate of N477 to the dollar was the highest rate recorded within the day’s trading before it settled at N472.50.

The Naira sold for as low as 460 to the dollar within the day’s trading.


TheTimes Nigeria reports President Bola Tinubu, on Friday, suspended the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, from office with immediate effect.

This is sequel to the ongoing investigation of his office and the planned reforms in the financial sector of the economy, according to a statement on Friday by the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey.


According to the statement, Emefiele has been directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the CBN governor pending the conclusion of the investigation and the reforms.


The CBN listed the Deputy Director, Operations Directorate, as Mr Folashodun Adebisi Shonubi.

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