Concerns over dollar-naira exchange rate as DSS investigates CBN Governor Emefiele

The arrest of Central Bank of Nigeria (CBN) Governor Godwin Emefiele by the Department of State Services (DSS) may force the naira to fall further versus the dollar.Information Guide Nigeria

The security agency sought the Federal High Court in Abuja for permission to arrest Emefiele in the action, FHC/ABJ/CS/2255/2022.

Justice John Tsoho denied the application. The Chief Judge stated that the DSS failed to give concrete proof to back up its charges against the CBN chief.

Emefiele is charged with terrorism financing and economic offences, but a coalition alleges the plan is to keep him in solitary jail until he is fired.JAMB portal

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Nigerians have expressed alarm about the destiny of the naira, which is recovering from a recent wild plunge, since the news came.

The current black market dollar-to-naira rate is around N745; however, it nearly reached N900 during October and November.NYSC portal

Individuals and business owners are now calling Bureau De Change agents to learn what to expect in the coming days.

Sanni, an Abuja-based operator, told DAILY POST that consumers approached him on Monday to buy dollars due to the uncertainties surrounding Emefiele’s issue.

Some social media users have also expressed concern about the naira dropping further as a result of a loss of confidence.

“Without recourse to the fact before the court, the presiding judge did a good job by denying the application of DSS to arrest Emefiele.

“The consequences of his arrest will be extremely grave on our economy, particularly the value of our currency, naira”, @skelly16th wrote.JAMB Result

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