Nigeria CBN Floats Naira, Allows Banks To Sell Forex "Freely"

Nigeria Money, Nigeria Banks and Banking, Stocks and Forex, Nigerian Stock Market, Currencies, Loans And Related Topics
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simpl2
Senior
 

June 14th, 2023, 7:33 pm

Dollar hits N750 as Nigerian Central Bank has now floated the Naira allowing dealers, banks to sell Forex at Market Rates.
The development is coming barely five days after the suspension of Godwin Emefiele as the Central Bank Governor.
naira dollar.jpeg
The Central Bank of Nigeria (CBN) has given commercial banks and dealers in the forex market the green light to sell forex freely at market-determined rates, it was learnt on Wednesday.

It was learnt that trades are now going for as high as N750/$1.
This is also in tandem with earlier reports that the naira had been devalued.
Recall that President Bola Tinubu had promised to unify the multiple exchange rates in the market.

Findings revealed that the banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate.
https://www.aza.ng/forex/cbn-now-allows ... -t562.html

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NiceGuy
Senior
Location: Lagos
 

June 14th, 2023, 7:54 pm

Amazing news. Tinubu means business.
I'm really not that nice... :mrgreen:
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green20
VIP VIP
Location: Rivers state
 

June 18th, 2023, 6:51 am

Good news, Tinubu is the savior
"We must use time wisely and forever realize that the time is always ripe to do right."
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