The Central Bank of Nigeria has implemented a new policy allowing commercial banks to engage in unrestricted foreign exchange trading.
According to reliable sources familiar with the matter, the directive permits banks to determine exchange rates based on market-determined rates.
This move signifies a significant shift in the country’s forex trading landscape. With this policy in effect, commercial banks are no longer bound by fixed rates or stringent regulations when trading forex. Instead, they now have the freedom to set rates according to market dynamics.
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