CBN Directs Banks to Trade Forex at Market-Determined

Oru Leonard 

The Central Bank of Nigeria has directed  commercial banks to freely trade foreign exchange at at market-determined rates.

Banks can now sell forex at market-determined rates, which means that Nigeria is now operating a freely floating exchange rate.

Recall that President Bola Tinubu in his innuagural speech said he will implement a unified exchange rate.

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