BREAKING: Nigerian banks can now trade Forex “Freely” – CBN

Information received by RNN suggests the central bank has authorized commercial banks and forex market dealers to sell foreign exchange freely at a market-determined rate.

This is in accordance with President Bola Tinubu’s pledge to unify the multiple exchange rates in the market.

The initial interpretation of this message is that banks may now sell foreign exchange at market-determined rates, implying that Nigeria is now operating a freely floating exchange rate.

RNN confirmed this from numerous sources at the central bank and from traders with knowledge of the situation.

However, official confirmation will have to wait until later in the day when data from the FMDQ becomes available. RNN also understands that official confirmation will be issued by the central bank.

Sources also report trades are now going for as high as N750 nairas per dollar. Meanwhile, in the black market, the exchange rate traded for as high as N773 nairas per dollar for “inflows,” which represent dollars or other currencies sold over the wires.

This is a developing story; please check back later for more information.