Nigerians Pay More For Dollar In Official Market, As Naira Crashes

At the Investors and Exporters (I&E) window of the official market, the exchange rate between the naira and the dollar appreciated to N452.67/$1 on Tuesday.

This indicates the naira depreciated by -0.26 per cent when compared to the N451.5/$1 data from the FMDQ Securities showed on Monday. 

Prime Business Africa learnt that the exchange rate between the Nigerian currency and the United States legal tender rose following a 93.98 per cent increase in the volume of foreign exchange transacted on December 21.

On the Investors and Exporters window, traders had exchanged $134.04 million on Tuesday, surpassing the $69.18 million transacted during the business hours of Monday.

Note that the exchange rate had traded flat on Monday, closing at the exact price the US dollar sold for on Friday at the official market. 

The appreciation of the naira has stalled following the report that the Department of State Services (DSS) tried to arrest the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele.

However, due to the position Emefiele occupies and the impact his arrest could have on the economy, the judge denied the application to grant his arrest. 

A high court sitting in Abuja asked for the permission of President Muhammadu Buhari to arrest the governor of the central bank. 

Meanwhile, a lawmaker in the House of Representatives, Yusuf Gagdi, has criticised Emefiele for failing to appear before the lower chamber to explain the cash withdrawal policy, stating that the head of the financial regulator is disrespecting Nigerians. 

“I think at this point in time, it is quite important for us to let such public office holders know that it is not Honourable Femi Gbajabiamila that is summoning the CBN governor or Honourable Yusuf Gagdi or the Deputy Speaker or any member; it is the collective whims of the Nigerian people that are inviting the CBN governor to come and explain some of the policies that Nigerian people need an explanation for. 

“I am not against any policy but I am against disrespect to you and to the Nigerian people. The Speaker is a symbol of this House and the Nigerian people. So, if you disrespect Mr Speaker, you are disrespecting Nigerian people; you are disrespecting the House,”Gagdi said.