Only five days after Godwin Emefiele was demoted as governor of the Central Bank of Nigeria (CBN), reports claim that the apex bank has authorised commercial banks and dealers in the forex market to trade foreign currency freely and at a rate set by the market.
Sources claim that trades are currently being conducted for as much as N750 to $1. According to the Daily Trust, multiple individuals, most traders, corroborated this.
This comes a fortnight after Daily Trust reported on the devaluation of the naira with authority. But the CBN debunked the report.
Recall that President Bola Tinubu had pledged to standardise the market’s various exchange rates.
According to Daily Trust’s findings, banks can now sell foreign currency at prices set by the market, indicating that Nigeria’s exchange rate is now freely floating.
The close of trading at the FMDQ, when data will be available to corroborate the move, is anticipated by observers.
Since the Director of Corporate Communication could not be reached at the time of the story, there is no formal confirmation from the CBN.
Before the conclusion of business, the Central Bank may provide a formal confirmation.
