Fakoyejo OlalekanThe black market recorded a drop in Dollar rate on Tuesday, but the exchange rate between the Naira and the United States currency traded flat in the official market on Monday.
Dollar rate drops
Join our WhatsApp ChannelIt was gathered that the Dollar rate exchanged at N745/$1 on December 20, falling below the N746/$1 both currencies traded for during the previous trading session.
In the Investors and Exporters window of the official market, the Dollar and Naira exchanged for N451.5/$1 on December 19, the same price the American greenback closed with a day before.
The Dollar rate at the official market settled at N451.5 after rising as high as N452/$1 in intra-day trading and fell as low as N439.99 per dollar.
Prime Business Africa gathered that the foreign exchange rate traded flat in the official market on the same day the Department of State Services (DSS) tried to arrest the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.
The DSS had attempted to arrest Emefiele, but a federal high court in Abuja declined their request, stating that President Muhammadu Buhari should give his consent before such move can be made.
According to the chief judge, Justice JT Tsoho, arresting a highly ranking public official who occupies an extremely sensitive position like Emefiele could impact the economy of the country.
DSS’ move against the central bank governor was centered on allegations of terrorism financing and economic crimes.
Meanwhile, Emefiele has been criticised by the House of Representatives for failing to appear before the lower chamber for the second time in the last two weeks.
The central bank governor was meant to appear before the House of Representatives last week Thursday, but didn’t show up.
He was also expected at the lower chamber on Tuesday, but he infomred the lawmakers through CBN’s Deputy Governor, Corporate Services, Edward Adamu, that he is on official trip with President Buhari, a statement that didn’t go down well with Speaker of the House, Femi Gbajabiamila.
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