Nigerian Central Bank Allows Dealers, Banks To Sell Forex At Market Rates As Dollar Hits N750 | Sahara Reporters

The Central Bank of Nigeria 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.This is also in tandem with earlier reports that the naira had been devalued.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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Nigerian Stock Market Rises To 15-Year High After Central Bank Governor, Emefiele’s Suspension | Sahara ReportersThe Nigerian Stock Market on Tuesday reportedly leaped to 15-year high as it rose to its highest level since July 2008. This is coming on the first day of trading after the suspension of the Central Bank of Nigeria (CBN) Governor, Godwin Emefiele, by President Bola Tinubu. A report by Bloomberg stated that investors are betting on a currency devaluation and this has sent the main index of the Nigerian Exchange to above 57,437 points, which is in contrast with a flat performance for MSCI’s main emerging equity benchmark.
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