Just In, CBN Floats Currency, Stops Fixing Exchange Rates Commercial Banks Sells Dollar N750

By Usman Ahmed
Kanempress
14th June 2023

Just few days after  suspending Godwin Emefiele as Central Bank Governor, reports reaching indepthnews indicate that the Apex bank has given commercial banks and dealers in the forex market the green light to sell forex freely, at a market-determined rate.

Reports said that trades are now going for as high as N750 to $1. Many other sources who are traders also confirmed this.

It would be recalled that a fortnight ago, Daily Trust had authoritatively reported that the naira has beendevalued but it was refuted.

Also, President Bola Tinubu had promised to unify the multiple exchange rate in the market during his broadcast.

Finding revealed that the banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate.

Observers are looking forward to the close of trading at the FMDQ when data will be available to confirm the move.

Our reporter was unable to get official confirmation from the CBN as the Director of Corporate Communication was not reachable at the time of filling this report.

An official confirmation may be issued by the central bank before the close of business.
Source ~Daily Trust.