The Central Bank of Nigeria (CBN) has floated the country’s exchange rate, and allowed commercial banks to freely trade foreign exchange at any rate.
The naira is currently exchanging between N750 and N755 to the dollar at import and export (I&E) window
The development is coming after the sack of former CBN Governor Godwin Emefiele who dictated rates at which the dollar is sold at the three different FX windows held by the country.
President Bola Tinubu had promised a holistic FX reform that includes harmonizing exchange rates in other to woo investors into the country.
Details shortly.
