Naira Gains at I&E Window amidst Rumour of Emefiele’s Sack
Nigerian Naira exchange rate appreciates N418.00 to the dollar at the Investors and Exporters (I&E) window, compared to 419 traded on Tuesday amidst rumour of Central Bank of Nigeria (CBN) Godwin Emefiele’s sack.
In the parallel market, the local currency was sold at N609 as the market reacted negatively to the monetary authority’s fast and furious 150 basis points interest rate hike.
Market data shows that the open indicative rate closed at N417.79 to the dollar on Wednesday. An exchange rate of N444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N418.00.
The Naira sold for as low as N413 to the dollar within the day’s trading. A total of 108.33 million dollars was traded in foreign exchange at the official Investors and Exporters window on Wednesday.
Meanwhile, the CBN has said the online media reports purporting the sacking of the bank’s governor is untrue. READ: Emefiele’s Reappointment Unlikely to Mark Turning Point in Policy
Head of Corporate Communications at the CBN, Osita Nwanisiobi, made the rebuttal on Wednesday in Abuja. He said Emefiele is currently out of the country on official assignment.
Emefiele has been under public scrutiny since he declared interest to run for the presidency in the oncoming 2023 general elections.
Critics had asked the apex bank chief to resign in order to pursue presidential ambition and avoid conflict of interest. #Naira Gains at I&E Window amidst Rumour of Emefiele’s Sack
