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.
The development means banks can now sell forex at market-determined rates, suggesting that 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.
The market rate is said to be a “willing buyer, willing seller” arrangement.
This is in line with the promise of President Bola Tinubu to unify the multiple exchange rate in the market.
