The Central Bank of Nigeria(CBN) has reportedly grant banks freedom to trade forex at market-determined rate.
In line with the President Bola Tinubu’s promise to unify the multiple exchange rate in the market, the Central Bank of Nigeria (CBN) has granted commercial banks and dealers in the forex market freedom to sell forex at a market-determined rate.
According to Leadership Newspaper, banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate.
This is coming days after Governor of the Central Bank of Nigeria, Godwin Emefiele was suspended by the President.
TheCable reported that shortly after the CB granted commercial banks and other financial institution freedom on forex on Wednesday, June 14, Naira is now trading at N750-N755 per dollar at the investors and exporters (I&E) window.