Emefiele’s suspension causes Naira to depreciate by 0.64%

The Naira lost more value versus the dollar on Friday, trading for N472.50 at the Investors and Exporters window.

Comparing the local currency to the N469.50 it swapped for the dollar on Thursday, it showed a 0.64 percent decline.

On Friday, the open indicative rate reached a high of N471.32 to the dollar.

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Before it closed at N472.50, the highest exchange rate ever seen during the day’s trade was N477 to the dollar.

In the course of the day’s trade, the Naira fell as low as 460 to the dollar.

A total of 77.42 million dollars was traded at the official Investors and Exporters window on Friday.

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

According to a statement made on Friday by Willie Bassey, the Director of Information for the Office of the Secretary to the Government of the Federation, this is in response to the ongoing inquiry into his office and the anticipated reforms in the financial sector of the economy.

The statement claims that Emefiele has been instructed to immediately transfer control of his office’s affairs to the Deputy Governor (Operations Directorate), who will serve as the CBN governor while the inquiry and reforms are being completed.

Mr Folashodun Adebisi Shonubi was designated as the Operations Directorate’s Deputy Director by the CBN.