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CBN Governor Suspension: Naira Depreciates Against Dollar By 0.64%

On Friday, the Nigerian Naira experienced further depreciation against the US dollar at the Investors and Exporters window, with an exchange rate of N472.50 per dollar.

This represents a 0.64% decline compared to the exchange rate of N469.50 on Thursday. The open indicative rate at the close of trading on Friday was N471.32 per dollar. Throughout the day, the highest exchange rate reached was N477 per dollar, but it eventually settled at N472.50. The Naira reached its lowest point during the day’s trading at 460 Naira per dollar. A total of $77.42 million was traded at the official Investors and Exporters window on Friday.

Waffi TV reports on Friday that, President Bola Tinubu suspended the Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, from office with immediate effect on Friday. This action was taken in response to an ongoing investigation of his office and the planned reforms in the financial sector of the economy, as stated in a Friday statement by Willie Bassey, the Director of Information in the Office of the Secretary to the Government of the Federation.

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