In a significant development, the Nigerian naira is presently being traded at a range of N750-N755 per dollar at the investors and exporters (I&E) window on Wednesday.
Reliable sources familiar with the matter have informed TheCable that the Central Bank of Nigeria (CBN) has instructed commercial banks to allow the free sale of foreign exchange (forex) at market-determined rates.
This move by the CBN marks a departure from the previous regulated forex regime and demonstrates a shift towards a more liberalized foreign exchange market in Nigeria.
The directive issued to commercial banks effectively grants them the freedom to determine their forex rates in accordance with market dynamics.
The naira’s trading range of N750-N755 per dollar indicates a slight depreciation compared to recent rates. However, as the market adjusts to the new dynamics, it is anticipated that the exchange rate will stabilize and find equilibrium based on market forces.
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