The Central Bank of Nigeria (CBN) has authorised commercial banks and foreign exchange dealers to sell forex freely, at a market-determined rate.
This is coming five days after the suspension of Godwin Emefiele s governor of the apex bank.
Naira hits 700/$1 as CBN grants banks nod to freely sell forex
The Central Bank has authorised commercial banks and foreign exchange dealers to sell forex freely, at a market-determined rate.
This is coming five days after the suspension of Godwin Emefiele s governor of the apex bank.
Following the CBN’s approval, 21st CENTURY CHRONICLE learnt that already the Naira was exchanging for as high as N750/$1.
A dealer in Zone 4, Abuja forex hub, who doesn’t want his name in print, told this newspaper that the Naira exchanged at 756/dollar on Wednesday evening.
President Bola Tinubu had said he would unify the multiple exchange rates in the market.
Further findings showed that the banks can now sell forex at market-determined rates, an indication that Nigeria now operates a freely floating exchange rate.
Stakeholders are projecting that the close of trading at the FMDQ will be available to confirm the move.
Following the CBN’s approval, 21st CENTURY CHRONICLE learnt that already the Naira was exchanging for as high as N750/$1.
A dealer in Zone 4, Abuja forex hub, who doesn’t want his name in print, told this newspaper that the Naira exchanged at 756/dollar on Wednesday evening.
President Bola Tinubu had said he would unify the multiple exchange rates in the market.
Further findings showed that the banks can now sell forex at market-determined rates, an indication that Nigeria now operates a freely floating exchange rate.
Stakeholders are projecting that the close of trading at the FMDQ will be available to confirm the move.
