The arrest of Central Bank of Nigeria (CBN) Governor Godwin Emefiele by the Department of State Services (DSS) may force the naira to fall further versus the dollar.
The security agency sought the Federal High Court in Abuja for permission to arrest Emefiele in the action, FHC/ABJ/CS/2255/2022.
Justice John Tsoho denied the application. The Head Judge stated that the DSS failed to give tangible proof to back up its charges against the CBN chief.
Emefiele is charged with terrorism funding and economic offences, but a coalition alleges the plan is to keep him in solitary jail until he is fired.
Nigerians have expressed alarm about the destiny of the naira, which is rebounding from a recent wild plunge, since the news came.
The current black market dollar-to-naira rate is at N745; however, it nearly reached N900 during October and November.
Individuals and company owners are now calling Bureau De Change agents to learn what to anticipate in the coming days.
Customers phoned Sanni, an Abuja operator, on Monday to acquire dollars owing to the uncertainties surrounding Emefiele’s case, according to PulseNets.
Some social media users have also expressed concern about the naira dropping further as a result of a loss of trust.
“Without recourse to the fact before the court, the presiding judge did a good job by denying the application of DSS to arrest Emefiele.
“The consequences of his arrest will be extremely grave on our economy, particularly the value of our currency, naira”, @skelly16th wrote.
It is unclear if the DSS would return to court with another application and evidence to persuade the judge to allow Emefiele’s arrest, which is a key point of contention.
Peter Afunanya, the Public Relations Officer, has yet to respond to a text inquiry about the agency’s next course of action.
