CBN grants banks freedom to trade forex at any rate

The Central Bank of Nigeria (CBN) has given commercial banks and dealers in the forex market the green light to sell forex freely which is at a market-determined rate.

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.

However, official confirmation will have to come later in the day when data from the FMDQ is available.

The announcement comes after Godwin Emefiele’s suspension as CBN’s governor.