CBN Floats Naira, Allows Banks, Dealers To Sell Forex At Market Rates

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AzaBank
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#1

 

Dollar hits N750 as Nigerian Central Bank has now floated the Naira allowing dealers, banks to sell Forex at Market Rates.
The development is coming barely five days after the suspension of Godwin Emefiele as the Central Bank Governor.
naira dollar.jpeg

The Central Bank of Nigeria (CBN) has given commercial banks and dealers in the forex market the green light to sell forex freely at market-determined rates, it was learnt on Wednesday.

It was learnt that trades are now going for as high as N750/$1.
This is also in tandem with earlier reports that the naira had been devalued.
Recall that President Bola Tinubu had promised to unify the multiple exchange rates in the market.

Findings revealed that the banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate.
Source: https://saharareporters.com/2023/06/14/ ... -hits-n750
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Jared
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#2

 

This will certainly have far-reaching effects on the economy. :tongue:
Financial Literacy is the possession of knowledge, skills and behavioral traits that help an individual make informed decisions regarding money. đź’°

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Pounds
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#3

 

I hope we know that by implication, the Naira will be devalued more. So lets all brace up for more hardship.

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exBanker
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#4

 

Nigerian banks now being told that supply and demand will determine rates. Nigeria thus resets monetary policy after sacking central bank head Emefiele.

Greatness
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#5

 

Let's hope for the best.

Biryalamza
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#6

 

That's great 💪 💪

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YoungA
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#9

 

This is old news, we have seen more shege than this

Ernest
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#10

 

Another one is coming

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