Breaking New: Banks now  trade forex “freely” in Nigeria

There are indications that the Central Bank of Nigeria (CBN) has given commercial banks and dealers in the forex market the green light to sell forex freely at a market-determined rate.

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 was that banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate.

Nairametrics 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 and even the CBN is expected to issue official confirmation later.

The online media 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.