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CBN Floats Naira, Allows Banks, Dealers To Sell Forex At Market Rates
Posted: June 14th, 2023, 2:08 pm
by AzaBank
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.
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
CBN Now Allows Banks, Dealers To Sell Forex At Market Rates As Dollar Hits N750
Posted: June 14th, 2023, 2:35 pm
by Jared
This will certainly have far-reaching effects on the economy.
CBN Floats Naira, Allows Banks, Dealers To Sell Forex At Market Rates As Dollar Hits N750
Posted: June 14th, 2023, 2:36 pm
by Pounds
I hope we know that by implication, the Naira will be devalued more. So lets all brace up for more hardship.
CBN Floats Naira, Allows Banks, Dealers To Sell Forex At Market Rates As Dollar Hits N750
Posted: June 14th, 2023, 2:38 pm
by exBanker
Nigerian banks now being told that supply and demand will determine rates. Nigeria thus resets monetary policy after sacking central bank head Emefiele.
CBN Floats Naira, Allows Banks, Dealers To Sell Forex At Market Rates
Posted: June 14th, 2023, 8:13 pm
by Greatness
Let's hope for the best.
CBN Floats Naira, Allows Banks, Dealers To Sell Forex At Market Rates
Posted: December 2nd, 2023, 11:02 pm
by Biryalamza
CBN Floats Naira, Allows Banks, Dealers To Sell Forex At Market Rates
Posted: December 3rd, 2023, 9:04 pm
by B7
CBN Floats Naira, Allows Banks, Dealers To Sell Forex At Market Rates
Posted: December 6th, 2023, 2:11 pm
by Ernest
Nice
CBN Floats Naira, Allows Banks, Dealers To Sell Forex At Market Rates
Posted: January 1st, 2024, 8:17 pm
by YoungA
This is old news, we have seen more shege than this
CBN Floats Naira, Allows Banks, Dealers To Sell Forex At Market Rates
Posted: January 2nd, 2024, 12:32 am
by Ernest
Another one is coming
