CBN Governor Godwin Emefiele Will Clear Up His Desk And Prepare To Hand Over To The Next CBN Governor by tomorrow morning.

The CBN Governor’s tenure tenure expires today June 1st 2023. Although Announcement And Appointment Of A New CBN Governor By President Tinubu Would Happen Only After Emefiele Gives A Detailed Report On The CBN Under His Watch.

Meanwhile the Central Bank of Nigeria has devalued Naira to N640 for a dollar, from N461.6 sold at the Importers and Exporters (I&E) window the previous day.

The Naira was devalued barely 48 hours after President Bola Tinubu announced his plan to unify the country’s exchange rate to stimulate the economy.

A wide margin between the I&E window and the black market has encouraged round-tripping with Bureau de Change operators.

The CBN Governor, Godwin Emefiele discussed the issue of the exchange rate at a meeting with Tinubu on Tuesday, May 30.

From the year 2020 to 2022, the CBN spent about $42 billion intervening in the foreign exchange market to stabilise the naira. The amount was sold to the end-users, including students and tourists, at the official rates, which are way off the effective exchange rate of the Naira.

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