The naira sank further against the dollar on Friday at the Investors and Exporters window, trading for N472.50 to the dollar.
According to The Punch, in comparison to the N469.50 it exchanged for the dollar on Thursday, the local currency experienced a 0.64 percent decline.
On Friday, the open indicative rate reached a high of N471.32 to the dollar.
The highest rate reported throughout the day’s trade was N477 to the dollar before settling at N472.50.
In the course of the day’s trade, the Naira fell as low as 460 to the dollar.
On Friday, transactions at the official Investors and Exporters window totaled 77.42 million dollars.
All of this happened after it was announced that the governor of the Central Bank of Nigeria, Godwin Emefiele, had been suspended by President Bola Tinubu.
According to a statement made on Friday by the Director of Information for the Office of the Secretary to the Government of the Federation, Willie Bassey, this is in response to the ongoing investigations 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.
According to the CBN, Mr. Folashodun Adebisi Shonubi is the Deputy Director of the Operations Directorate.
