The Central Bank of Nigeria (CBN) on Wednesday has directed commercial banks and dealers in the forex market to trade freely at market-determined rates.
The announcement is coming after Godwin Emefiele’s suspension as CBN’s governor.
This is in line with the promise of President Bola Tinubu 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.
The naira is currently trading at N750-N755 per dollar at the investors and exporters (I&E) window on Wednesday.
More details to follow….