According to reports received by Ratecaptian, the Central Bank of Nigeria (CBN) has given commercial banks and forex market dealers the authorization to freely sell foreign exchange (forex) at market-determined rates. This development is in line with President Bola Tinubu’s commitment to unifying the multiple exchange rates in the market.
Based on initial interpretations, this suggests that banks can now sell forex at rates determined by market forces, indicating a shift towards a freely floating exchange rate system in Nigeria.
Multiple sources at the central bank and traders familiar with the matter have confirmed this information to Nairametrics. However, official confirmation is expected later in the day when data from the FMDQ (FMDQ Securities Exchange) becomes available. It is also anticipated that the central bank will issue an official statement to confirm this new policy.