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.
The decision by the CBN to permit free forex trading is a notable development following the recent suspension of Godwin Emefiele as the bank’s governor.
It remains to be seen how this policy change will impact the Nigerian economy and exchange rate stability in the coming days.
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