The Nigerian Naira experienced depreciation against the US dollar on Friday, reaching an exchange rate of N472.50 at the Investors and Exporters window.
This marked a 0.64 percent decrease compared to the previous day’s rate of N469.50.
Throughout the day’s trading, the Naira witnessed fluctuation, with the highest recorded rate reaching N477 before settling at N472.50.
The depreciation of the Naira is occurred after Godwin Emefiele was asked to step down as the Governor of the Central Bank of Nigeria, as directed by President Bola Tinubu.
FACTS REPORTER NIGERIA had earlier reported that the Secretary to the Government of the Federation through the Director of Information, Willie Bassey released a press statement.
According to the statement, President Bola Tinubu had suspended the Governor of the CBN, Mr. Godwin Emefiele, from office with immediate effect.
This decision was reportedly made in light of an ongoing investigation into the operations of the CBN and planned reforms in the financial sector.
Emefiele was directed to hand over the reins to the Deputy Governor (Operations Directorate), Mr. Folashodun Adebisi Shonubi, who would assume the role of the acting CBN Governor until the investigation and reforms are concluded.
