The Central Bank of Nigeria has authorised commercial banks and dealers to freely sell foreign exchange at a rate set by the market.
This is in keeping with President Bola Tinubu’s commitment to bringing the market’s various exchange rates under one umbrella.
Accroding to Nairametrics, the message’s initial interpretation is that banks can now trade foreign exchange at market-determined rates, indicating that Nigeria’s exchange rate is now freely floating.
This was confirmed by several central bank employees as well as by traders.
However, official confirmation will have to come later in the day when data from the FMDQ is available. Nairametrics also understands official confirmation will be issued by the central bank.
Sources also report trades are now going for as high as N750/$1. Meanwhile, 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.
This is a developing story, check back later for details….
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