CBN Gives Banks Go-Ahead to Sell Forex at Market Rates

In a recent development, the Central Bank of Nigeria (CBN) has authorized commercial banks and forex market dealers to sell forex at market-determined rates.

This move is in line with President Bola Tinubu’s promise to unify the multiple exchange rates in the market.

With this decision, banks can now sell forex at market-determined rates, indicating that Nigeria is now operating a freely floating exchange rate.

However, official confirmation is expected later in the day when data from the FMDQ becomes available.

This article was updated 1 month ago