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.
This development means that banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate.
Trades will now go 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.
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