BREAKING: CBN grants banks freedom to trade forex at any rate
BREAKING: CBN grants banks freedom to trade forex at any rate
Business Report
The Central Bank of Nigeria has allowed commercial banks to freely trade foreign exchange at any rate.
The announcement comes after Godwin Emefiele’s suspension as CBN’s governor.
Reports reaching Inside Pitakwa indicate the Central Bank of Nigeria (CBN) has given commercial banks and dealers in the forex market the green light to sell forex freely which is at a market-determined rate.
The initial understanding of this message is that banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate.
Inside confirmed this from multiple sources at the CBN and from traders with knowledge of the matter.
However, official confirmation will have to come later in the day when data from the FMDQ is available. Inside also understands official confirmation will be issued by the central bank.
Sources also report trades are now going for as high as N750/$1. Meanwhile, in the black market, the exchange rate traded for as high as N773/$1 for “inflows” which represent dollars or other currencies sold over the wires.
This is a developing story, check back later for details….
