The Central Bank of Nigeria (CBN) has given Commercial banks and dealers in the forex market a go ahead order to sell forex freely which is 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 development means banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate.
In other words, the multiple parallel market exchange rate for dollar to naira will be unify with the official exchange rate for dollar to naira.
However, official confirmation will have to come later in the day when data from the FMDQ is available.
As of the time of this publication, some commercial banks have started selling at NAIRA TO DOLLAR exchange rate of N765/$
The implications of this will be felt in the few coming weeks….