After removal of Emefiele, Banks unveil new Exchange Rate as Dollar hits another high
After removal of Emefiele, Banks unveil new Exchange Rate as Dollar hits another high
Following the suspension of Godwin Emefiele as Central Bank Governor, the apex bank has reportedly given commercial banks and dealers in the forex market the green light to sell forex freely, at a market-determined rate.
According to the Daily Trust, trades are now going for as high as N750/$1, which observers say amount to huge devaluation of the Nigerian currency.
It is believed that following President Bola Tinubu’s promise to unify the multiple exchange rate in the market, banks have been mandated to sell forex at market-determined rates.
Observers are looking forward to the close of trading at the FMDQ when data will be available to confirm the move.
As of press time, an official confirmation from the CBN on the latest forex development could not be obtained.
