Nigerian banks can now trade forex at any rate ― CBN

The Central Bank of Nigeria, CBN has given Nigerian commercial banks the go-ahead to freely trade foreign exchange at any rate.

The announcement comes after Godwin Emefiele’s suspension as CBN’s governor.

It is believed that banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate.

This is in line with the promise of President Bola Tinubu to unify the multiple exchange rate in the market.

However, official confirmation will have to come later in the day when data from the FMDQ is available.

Sources also report trades are now going for as high as N750/$1. Meanwhile, in the black market, the exchange rate traded for as high as N773/$1 for “inflows” which represent dollars or other currencies sold over the wires.

GistReel reports that President Bola Tinubu last Friday, June 9 took Nigerians by surprise when he ordered the immediate suspension of the Central Bank of Nigeria Governor, Godwin Emefiele, from office.

Explaining the reason behind Emefiele’s suspension, the Director of Information, Office of the Secretary to the Government of the Federation, Willie Bassey disclosed that the suspension of the CBN governor was based on an ongoing investigation as well as planned reforms in Nigeria’s financial sector.

Emefiele was directed to immediately hand over the affairs of his office to the Deputy Governor (Operations Directorate), Mr Folashodun Adebisi Shonubi, who will act as the Central Bank Governor pending the conclusion of the investigation and the reforms.

The suspended CBN governor assumed office in 2014 after succeeding Lamido Sanusi, who was equally suspended from office under controversial circumstances by President Goodluck Jonathan few months before the expiration of his tenure.