BREAKING: CBN allows banks to sell dollars at any rate, floats exchange rate

The Central Bank of Nigeria (CBN) has permitted commercial banks to freely trade foreign exchange at any rate while floating the country’s exchange rate.

Following Godwin Emefiele’s suspension as governor of CBN, the statement was made.

This is in keeping with President Bola Tinubu’s pledge to unify the market’s various exchange rates.

The original interpretation of this message is that banks can now sell foreign currency at rates set by the market, indicating that Nigeria’s exchange rate is now freely floating.

Platinum Times received confirmation of this from numerous central bank sources as well as from traders with firsthand knowledge of the situation.

But when data from the FMDQ becomes available later in the day, formal confirmation will have to wait.

Platinum Times is also aware that the central bank would provide a formal confirmation.

Sources claim that trades are currently being conducted for as much as N750 to $1. While this was going on, on the illicit market, the exchange rate for “inflows”—which are dollars or other currencies sold over the wires—traded for as much as N773 to $1.

More details to come..