Central Bank of Nigeria has given commercial banks and dealers in the forex market the green light to sell forex freely at a market-determined rate.
Platforms Africa eports that this is in line with the promise of President Bola Tinubu to unify the multiple exchange rate in the market.
The initial understanding of this message is that banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate.
This was confirmed from multiple sources at the central bank and from traders with knowledge of the matter.
However, official confirmation will have to come later in the day when data from the FMDQ is available.
An 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.
