It’s N750 to One Dollar as Banks Unveil New Exchange Rate

Barely five days after the suspension of Godwin Emefiele as Central Bank Governor, reports indicate that the Apex bank has given commercial banks and dealers in the forex market the green light to sell forex freely, at a market-determined rate.

Sources also report trades are now going for as high as N750/$1.

Multiple sources who are mostly traders have also confirmed this.

This is coming a fortnight after the naira had been devalued.

Recall that President Bola Tinubu had promised to unify the multiple exchange rate in the market.

Finding revealed that the banks can now sell forex at market-determined rates, suggesting Nigeria is now operating a freely floating exchange rate.

Observers are looking forward to the close of trading at the FMDQ when data will be available to confirm the move.

An official confirmation may be issued by the central bank before the close of business.

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