Business
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….
-
Latest1 week agoTinubu Grants Customs Boss Adeniyi Final Six-Month Extension to Oversee Single Window Project, Succession
-
Latest1 week agoAPC’s Asogwa wins Enugu North senatorial by-election by wide margin
-
News1 week agoYiaga Africa Flags Discrepancies in Ballot Papers of Ekiti Governorship Poll
-
Latest1 week agoAPC, PDP clinch key by-elections as INEC declares winners in Kano, Rivers
-
Latest1 week agoOyebanji extends lead as APC dominates Ekiti governorship race with 91% of results uploaded
-
Politics7 days agoPRP presidential primary heads to court as aspirant challenges Donald Duke’s nomination
-
Latest4 days agoAlleged xenophobic attack claims life of Malawian street vendor in South Africa
-
Football1 week agoJapan crush Tunisia 4-0 in historic 1,000th World Cup match as Curacao earns first-ever point