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.
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.
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.
