CBN Grants Banks Freedom To Trade Forex At Any Rate

The Central Bank of Nigeria has made a new announcement about forex trade, the apex bank announced that it has allowed commercial banks to freely trade foreign exchange at any rate.

This is coming days after Governor of the Central Bank of Nigeria, Godwin Emefiele was suspended by the President.

In line with President Bola Tinubu’s promise to unify the multiple exchange rate in the market, the Central Bank of Nigeria (CBN) has reportedly granted commercial banks and dealers in the forex market freedom to sell forex at a market-determined rate.

According to the statement , banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate.

Shortly after the CBN granted commercial banks and other financial institution freedom on forex on Wednesday, June 14, Naira is now trading at N750-N755 per dollar at the investors and exporters (I&E) window.