Wednesday, 14 June 2023

Just In: CBN directs banks to trade forex at market-determined rates

The Central Bank of Nigeria has allowed commercial banks to freely trade foreign exchange at at market-determined rates, DailyPost reports.

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.
This comes after Godwin Emefiele’s suspension as CBN’s governor.

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