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Fears Over Economy If DSS Arrests CBN Governor, Emefiele

It is feared that the move by the Department of State Services (DSS) to arrest Central Bank of Nigeria (CBN) Governor, Godwin Emefiele may cause a further depreciation of the naira against the dollar. What is going on The security agency asked the Federal High Court in Abuja permission to take Emefiele into custody.

Justice John Tsoho did not grant the application. The Chief Judge said the DSS did not provide concrete evidence to substantiate its claims against the CBN chief. Emefiele is accused of terrorism financing and economic crimes, though a coalition claims the plot is to keep him in solitary confinement ahead of the sack. Nigerians have been raising their concerns about the fate of the naira, which is still recovering from a recent dip.

Though the current dollar-to-naira rate is about ₦745 on the black market, it nearly hit ₦900 sometime between October and November.  Individuals and business owners are now contacting Bureau De Change operators to get information on what to expect in the coming days.


Sanni, an operator in Abuja, told reporters that customers called him on Monday, December 19, 2022, to purchase dollars due to uncertainty over Emefiele’s case. Some social media users have also voiced fear about the naira weakening more due to a loss of confidence. The Department of State Security, DSS, has issued a statement warning that it would not succumb to propaganda and intimidation in the wake of a report that the agency was allegedly planning to frame and arrest the CBN Governor.

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