Business

Banks, dealers now to sell FX freely at market-determined rate

Published

3 years ago

on

June 14, 2023

By

Olusegun Odunewu

National Daily Newspaper

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.

According to multiple sources, this is in line with the promise of President Bola Tinubu to unify the multiple exchange rate in the market.

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.

However, official confirmation will have to come later in the day when data from the FMDQ is available. Sources also report trades are now going for as high as N750/$1.

This is a developing story, check back later for details….

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Vote-buying remains a major concern One of the strongest warnings from Osun was the continued presence of vote-buying and voter inducement. Yiaga Africa said the results declared by the Independent National Electoral Commission (INEC) were consistent with its independent statistical projections, but cautioned that this did not remove concerns about the integrity of voters' choices amid reports of vote-buying and inducement. The concern is particularly significant ahead of 2027, when political competition will take place nationwide and involve presidential, National Assembly and state-level contests. The International Republican Institute (IRI), following a pre-election assessment mission conducted in August, identified monetised political competition, election-related violence, insecurity and declining public confidence in INEC among the structural challenges facing the 2027 elections. IRI recommended stronger investigation and prosecution of vote-buying and voter inducement, urging INEC, the Economic and Financial Crimes Commission and security agencies to act on credible allegations. Technology improves transparency — but has limits The Osun election also demonstrated how electoral technology can improve transparency. INEC's electronic transmission of polling-unit results through the IReV platform provided observers and members of the public with a mechanism to monitor uploaded results. Yiaga Africa subsequently said the official results were consistent with its independent statistical estimates, describing the outcome as evidence that the announced results reflected the ballots counted at polling units. However, technical problems with BVAS were reported during voting. CDD said difficulties involving biometric verification and slow processing occurred in several LGAs, including Irepodun, Ejigbo, Obokun, Osogbo, Olorunda, Ola Oluwa, Ede North and Ede South. 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The institute urged security agencies to identify high-risk areas early and develop location-specific plans to prevent intimidation, disruption and attacks on electoral participants. Osun offers lessons ahead of 2027 Despite the challenges, observers say the Osun election also provides evidence that improvements in election administration can produce positive results. Yiaga Africa's assessment found that INEC and security agencies largely passed the test of conducting the election, while its independent verification indicated that the official results accurately reflected the ballots counted at polling units. The challenge ahead is to build on those gains while addressing the weaknesses exposed during the election. For INEC, that means improving BVAS reliability, strengthening result-transmission and collation procedures and maintaining clear communication with voters and political parties. 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The institute urged security agencies to identify high-risk areas early and develop location-specific plans to prevent intimidation, disruption and attacks on electoral participants. Osun offers lessons ahead of 2027 Despite the challenges, observers say the Osun election also provides evidence that improvements in election administration can produce positive results. Yiaga Africa's assessment found that INEC and security agencies largely passed the test of conducting the election, while its independent verification indicated that the official results accurately reflected the ballots counted at polling units. The challenge ahead is to build on those gains while addressing the weaknesses exposed during the election. For INEC, that means improving BVAS reliability, strengthening result-transmission and collation procedures and maintaining clear communication with voters and political parties. 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