Banks unveil new exchange rate as dollar hits N750

Barely five days after the suspension of Godwin Emefiele as Central Bank Governor, reports indicate that the Apex bank has given commercial banks and dealers in the forex market the green light to sell forex freely, at a market-determined rate. Sources also report trades are now going for as high as N750/$1. Multiple sources who […]

Barely five days after the suspension of Godwin Emefiele as Central Bank Governor, reports indicate that the Apex bank has given commercial banks and dealers in the forex market the green light to sell forex freely, at a market-determined rate.

Sources also report trades are now going for as high as N750/$1.

Multiple sources who are mostly traders also confirmed this to Daily Trust.

This is coming a fortnight after Daily Trust had authoritatively reported that the naira has been devalued.

Devaluation: CBN auctions dollar at N645

Devaluation: BusinessDay report corroborates Daily Trust’s story

Recall that President Bola Tinubu had promised to unify the multiple exchange rate in the market.

Daily Trust’s finding revealed that the banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate.

Observers are looking forward to the close of trading at the FMDQ when data will be available to confirm the move.

Daily Trust was unable to get official confirmation from the CBN as the Director of Corporate Communication was not reachable at the time of the report.

An official confirmation may be issued by the central bank before the close of business.