Nairametrics reports that the central bank has granted commercial banks the right to sell forex freely at a market determined rate.
Dealers in the forex market too also have permission to sell forex freely. This action aligns with President Bola Tinubu’s commitment to unifying the multiple exchange rates in the market.
The initial interpretation of this information indicates that banks can now sell forex at rates determined by the market. This implies that Nigeria is currently operating with a freely floating exchange rate. Multiple sources at the central bank and traders knowledgeable about the matter have confirmed this information to Nairametrics.
However, official confirmation will be provided later in the day once data from the FMDQ becomes available. There are also claims that the central bank will issue an official confirmation.
Sources further disclose that trades are currently being conducted at rates as high as N750/$1. In the black market, the exchange rate reached as high as N773/$1 for “inflows,” which refers to dollars or other currencies sold through wire transfers.
This is a developing story, and more details will be provided later. Please follow us on Twitter for updates.
