The Central Bank of Nigeria( CBN) has disclosed has given commercial banks the freedom to freely trade FX at a market-determined rate.
This is coming days after Governor of the Central Bank of Nigeria, Godwin Emefiele was suspended by the President.
The directives is In line with President Bola Tinubu’s intention to unify the multiple exchange rate in the market.
The development means banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate.
However, at the time of writing this report they was no official report from the apex bank.
Sources hinted that in the black market, the exchange rate traded for as high as N773/$1 for “inflows” which represent dollars or other currencies sold over the wires.
Shortly after the CBN 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.