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Reading: Forex Trades Soar to N750/$1 as CBN Allows Free Market Sales
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Nigeria

Forex Trades Soar to N750/$1 as CBN Allows Free Market Sales

In a significant development following the recent suspension of Godwin Emefiele as Central Bank Governor, reports have emerged indicating th...

Chima Joseph Ugo
Chima Joseph Ugo - Editor-in-chief June 14, 2023
Updated June 14, 2023 at 12:54 PM
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Forex Trades Soar to N750/$1 as CBN Allows Free Market Sales
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Forex Trades Soar to N750/$1 as CBN Allows Free Market Sales
In a significant development following the recent suspension of Godwin Emefiele as Central Bank Governor, reports have emerged indicating that the apex bank has granted permission to commercial banks and forex market dealers to sell foreign exchange freely at a market-determined rate. This move marks a notable shift in the forex market dynamics.

According to sources, recent trades have witnessed rates as high as N750/$1, indicating the impact of this new policy. Multiple sources, primarily traders, have corroborated this information with Prime 9ja Online.

This development comes on the heels of a report by Prime 9ja Online two weeks ago, which authoritatively stated that the Nigerian naira had undergone devaluation. President Bola Tinubu had previously expressed a commitment to unify the multiple exchange rates prevailing in the market, emphasizing the need for a streamlined and transparent forex system.

Prime 9ja Online's investigation reveals that banks now have the freedom to sell forex at market-determined rates, indicating a shift towards a freely floating exchange rate in Nigeria. This shift has significant implications for the forex market and the economy as a whole.

Market observers are eagerly awaiting the close of trading at the FMDQ (Financial Markets Dealers Quotations) when comprehensive data will be available to confirm the extent of this policy change and its impact on the market.

Despite attempts to seek official confirmation from the Central Bank of Nigeria, Prime 9ja Online was unable to reach the Director of Corporate Communication at the time of reporting. However, it is expected that an official confirmation may be issued by the central bank before the close of business, providing further clarity on the matter.

The implications of this policy shift are far-reaching and may influence foreign exchange rates, trade dynamics, and overall market sentiment. Stakeholders and market participants will closely monitor the situation as it unfolds, assessing its potential impact on the Nigerian economy and the broader financial landscape.

Tags: Nigeria

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