National Wire About Nigerians, Nigerian Business and Other Stories
… Banks being told that supply and demand will determine rates
The Federal Government of Nigeria may have reset the monetary policy after the suspension of the Central Bank Governor, Mr. Godwin Emefiele.
According to an impeccable source, Nigeria is on the verge of making a decision to allow its local currency to trade more freely against the dollar.
A discussion on letting the currency trade more freely is ongoing at the central bank, a senior banking official said, asking not to be named because the deliberations are private.
The source further claimed that, directives on the currency could be issued later today or latest tomorrow.
Meanwhile, Leadership Newspaper reports that, the CBN has given commercial banks and dealers in the forex market the green light to sell forex freely which is at a market-determined rate.
This is in line with the promise of President Bola Tinubu to unify the multiple exchange rate in the market.
The development means banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate.
