CBN Orders Banks to Resume Forex Trading

The Central Bank of Nigeria has ordered commercial banks to resume forex trading ‘freely’.

Daily Report Nigeria reports that private dealers were also given the green light to sell forex freely at a ‘market-determined rate’.

According to Nairametrics, the development is in line with President Bola Tinubu’s promise to unify multiple exchange rates in the market.

By the report, banks will henceforth sell forex at market-determined rates as Nigeria resumes the practice of a freely floating exchange rate.

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Multiple sources in the CBN and traders in the know of the development told the publication the matter.

Meanwhile, authorities are expected to make an official confirmation by the time data from the FMDQ is available.

As of the time of filing this report, the Naira trades as high as N750/$1.