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

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….