In a recent development, the Central Bank of Nigeria (CBN) has granted permission to commercial banks and forex market dealers to freely sell foreign exchange at rates determined by the market.
This decision comes shortly after the suspension of Godwin Emefiele from his position as the Central Bank Governor.
Reports indicate that the exchange rate has soared to as high as N750/$1. This aligns with earlier indications of the devaluation of the Nigerian naira.
It is worth noting that President Bola Tinubu had previously pledged to unify the multiple exchange rates in the market. This move signifies that Nigeria is now operating with a freely floating exchange rate, allowing banks to sell foreign exchange at market-determined rates.
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