Naira falls massively as CBN tells banks to sell dollars using their rate freely

LEGIT NG

In a significant development, the Nigerian naira has reached the value of N755 per dollar at the investors and exporters window, which is now the official market rate.

BusinessDay reports that the Central Bank of Nigeria (CBN) instructed commercial banks to engage in forex trading based on market-determined rates.

According to multiple sources, Nigeria has officially adopted a floating exchange rate system for its currency, abandoning the long-held hard peg that had deterred investors and depleted its foreign currency reserves.

Recall that President Bola Tinubu, during his inaugural speech, had promised to unify the multiple exchange rates in the market.

Reports show that banks are now quoting a market rate determined by the mutual agreement between buyers and sellers, with emails to customers confirming this change.

The Cable also reported that at the investors and exporters (I&E) window, the naira is currently traded within the N750 to N755 per dollar range.