The Central Bank of NIGERIA (CBN), says commercial banks are allowed to freely trade foreign exchange at any rate.
This is coming barely one week after President Bola Ahmed Tinubu suspended Godwin Emefiele as CBN Governor.
Reports also have it that this is in line with the President’s promise to unify the multiple exchange rates in the market.
With this development, commercial banks can now sell forex at market-determined rates which further suggests that Nigeria is now operating a free floating exchange rate.
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