CBN Issues Fresh Directive To Banks On Forex Trading

The Central Bank of Nigeria (CBN) on Wednesday, June 14, reportedly granted commercial banks freedom to trade foreign exchange at any rate.

The announcement is coming shortly after President Bola Tinubu suspended the apex bank’s Governor, Godwin Emefiele.

Naija News learnt on Wednesday that commercial banks and dealers in the forex market have now the green light to sell forex freely, at a market-determined rate.

As of today, sources claimed trades are now going for as high as N750/$1.

According to Daily Trust, multiple sources who are mostly traders also confirmed Nigeria is now operating a freely floating exchange rate and that observers are looking forward to the close of trading at the FMDQ when data will be available to confirm the move.

However, the CBN has not issued an official confirmation of the new development as of reporting time but is expected to do so before the close of business today.