Barely five days after the suspension of Godwin Emefiele as Central Bank of Nigeria (CBN) 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.
Multiple sources, who confirmed the crash of Nigeria’s national currency, Naira, said it is trading as high as N750/$1.
A fortnight ago, Abuja-based Daily Trust reported that the naira has been devalued.
President Bola Ahmed Tinubu had promised at his inaugural speech to unify the multiple exchange rate in the market.
Checks on Wednesday shows that banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate.
Observers are looking forward to the close of trading at the FMDQ when data will be available to confirm the move.
Daily Trust was unable to get official confirmation from the CBN as the Director of Corporate Communication was not reachable at the time of the report.