Only five days after Godwin Emefiele was demoted from his position as governor of the central bank, reports claim that the Apex bank has authorized commercial banks and dealers in the forex market to trade foreign currency freely and at a rate set by the market.
Sources claim that trades are currently being conducted for as much as N750 to $1.
This was also confirmed to Daily Trust by numerous sources, the majority of whom are dealers.
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This comes a fortnight after Daily Trust reported on the devaluation of the naira with authority.
Recall that President Bola Tinubu had pledged to standardize the market’s various exchange rates.
Daily Trust’s 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.
Anaedoonline was unable to get official confirmation from the CBN as the Director of Corporate Communication was not reachable at the time of the report.
An official confirmation may be issued by the central bank before the close of business.
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