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CBN orders banks to trade freely as naira exchanges at N755/$

The Central Bank of Nigeria (CBN) has reportedly directed commercial banks in the country to sell forex freely at market-determined rates after the naira exchanged at N750-N755 to the dollar at the Investors and Exporters window.

It was gathered that the market rate was “willing buyer, willing seller” arrangement.

This shows that Nigeria has eased its control of the naira, allowing the local currency to freely float.

The latest development is coming a few days after President Bola Tinubu suspended Godwin Emefiele as CBN Governor over the ongoing investigation of his office and the planned reforms in the financial sector of the economy.

Emefiele was directed to hand over the affairs of his office to the Deputy Governor (Operations Directorate), who will act as the Central Bank Governor pending the conclusion of the investigation and the reforms.

The suspended CBN Governor was later arrested by the Department of State Services (DSS).

Details later…

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