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Naira gains at I&E window amidst rumour of Emefiele’ dismissal

AT the Investors and Exporters (I&E) window, the Nigerian Naira is trading at N418.00 per dollar, up from 419 on Tuesday amid rumors of Central Bank of Nigeria (CBN) Governor Godwin Emefiele’s dismissal.

The local currency was sold at N609 in the parallel market as the market reacted badly to the monetary authority’s quick and furious 150 basis point interest rate hike.

According to market statistics, the open indicative rate on Wednesday was N417.79 to the dollar. The highest rate reported during the day’s trade was N444.00 to the dollar, before the rate ended at N418.00.

During the day’s trade, the Naira fell as low as N413 to the dollar. Yesterday, the official Investors and Exporters window traded a total of 108.33 million dollars in foreign exchange.

Meanwhile, the Central Bank of Nigeria (CBN) has denied online media allegations that the bank’s governor has been fired.

Osita Nwanisiobi, the CBN’s Head of Corporate Communications, made the rebuttal yesterday in Abuja. Emefiele, he stated, is currently on official business outside of the nation.

Since declaring his intention to run for president in the next 2023 general elections, Emefiele has been scrutinized by the public.

Meanwhile critics have called for the president of the World Bank to quit so that he may pursue his presidential ambitions and avoid a conflict of interest.

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Naija Times