Naira depreciates by 0.64% amid CBN gov’s suspension

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At the Investors and Exporters window on Friday, the naira lost more value relative to the dollar, trading for N472.50.

In comparison to the N469.50 it swapped for the dollar on Thursday, the local currency experienced a 0.64 percent decline.

The open indicative rate was revealed to be N471.32 to $1on Friday.

Before it closed at N472.50, the currency rate for the day’s trade reached a high of N477 to the dollar.

During the day’s trade, the Naira reached a low of 460 to the dollar.

The official Investors and Exporters window saw transactions worth a total of 77.42 million dollars on Friday.

The Central Bank of Nigeria’s Governor, Mr. Godwin Emefiele, was reportedly suspended from his position on Friday with immediate effect by President Bola Tinubu.

In a statement released on Friday, Willie Bassey, the director of information for the office of the secretary to the government of the federation, said that this was in response to the ongoing inquiry into his office and the forthcoming banking sector reforms.

The statement claims that Emefiele has been instructed to immediately transfer control of his office’s affairs to the deputy governor (Operations Directorate), who would 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.

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