The naira is now trading at the Investors and Exporters (I&E) market between N750 and N755 per dollar.
The Central Bank of Nigeria (CBN) has ordered commercial banks to freely sell foreign currency at rates set by the market.
The change follows the ouster of former CBN Governor Godwin Emefiele, who set the exchange rates for the dollar at the nation’s three distinct FX windows.
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In order to attract investors, President Bola Tinubu has pledged a comprehensive FX reform, which involves synchronizing currency rates.
More details shortly