Following President Bola Tinubu’s promise to unify a diversified exchange rate in the market, the Central Bank of Nigeria (CBN) has allowed commercial banks and dealers in the foreign exchange market to freely sell foreign currency. exchange rate determined by the market.
According to the Leadership Newspaper, banks can now sell foreign exchange at market-determined rates, indicating that Nigeria currently operates a freely floating exchange rate.
This comes days after the Governor of the Central Bank of Nigeria, Godwin Emefiele, was suspended by the President.
Edujandon.com reported that shortly after CBN granted commercial banks and other financial institutions freedom to foreign exchange on Wednesday, June 14, Naira is currently trading at N750-N755 per dollar at the investor and exporter (I&E) window.
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