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The Central Bank of Nigeria (CBN) has given commercial banks and dealers in the forex market the green light to sell forex freely at market-determined rates, it was learnt on Wednesday.
The development is coming barely five days after the suspension of Godwin Emefiele as the Central Bank Governor.
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It was learnt that trades are now going for as high as N750/$1.
This is also in tandem with earlier reports that the naira had been devalued.
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Recall that President Bola Tinubu had promised to unify the multiple exchange rates in the market.
Findings revealed that the banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate.
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