Nigerian Banks Unveil New Exchange Rate As Dollar Hits N750

Barely five days after the suspension of Godwin Emefiele as Central Bank Governor, reports indicate that the Apex bank has given commercial banks and dealers in the forex market the green light to sell forex freely, at a market-determined rate.

Sources also report trades are now going for as high as N750/$1.

Multiple sources who are mostly traders also confirmed this to Daily Trust.

This is coming a fortnight after Daily Trust had authoritatively reported that the naira has been devalued.

Recall that President Bola Tinubu had promised to unify the multiple exchange rate in the market.

Daily Trust’s finding revealed that the banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate.

-Dailytrust