After the Central Bank of Nigeria (CBN) governor was suspended, there was no demand for the naira on the parallel market on Tuesday, and traders opted to wait and see. As a result, the naira increased by 0.66 percent against the dollar.

The dollar was priced at N755 after trade on Tuesday, down from N760 during morning trading and N760 last Friday at the black market.

President Bola Tinubu, on Friday, suspended Godwin Emefiele, following the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

A trader said “There is no demand for dollars, people are not buying because they are speculating that the dollar will fall following the CBN governor’s suspension,”.

The official exchange rate was not available on Tuesday at the time of writing this report as the FMDQ was yet to update the rate on its website.

By gvoice

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