Naira Falls Further To N995/$ on Parallel Market, Edun Blames $6.8bn Backlog for Currency’s Woes

However, on the official I&E window, the naira gained N33 naira to close at N738 to a dollar on Thursday, compared to N771 to a dollar the previous day.elections, Tinubu had accused Emefiele of plotting to thwart his chances of becoming president by implementing the cashless policy as well as redesigning the local currency.
Emefiele had denied all the allegations,  insisting the policies were not targeted at any individual but in the public interest. 
However, four months into Shonubi’s reign, Tinubu on September 15, 2023, nominated the former head of Citibank in Nigeria, Olayemi Cardoso, to serve as the new central bank governor, days before its next crucial MPC meeting.
Given that Cardoso’s nomination is subject to the Senate approval, and the fact that he was yet to officially resume at the apex bank, a vacuum is already created ahead of the MPC meeting which would have been the first to be presided over by Cardoso.
Shonubi, in his acting capacity, presided over the last MPC meeting held in July.

By Lucky kenedy ose