Connect with us

Hi, what are you looking for?

Finance & Money Market

CBN directs banks to trade forex ‘freely’ as I & E window hits N755/$

The Nigerian naira is currently trading at N750-N755 per dollar at the investors and exporters (I&E) window.

By

Published

A view shows Nigeria's Central Bank headquarters in Abuja
A view shows Nigeria's Central Bank headquarters in Abuja, Nigeria November 22, 2020. Picture taken November 22, 2020. Credit: REUTERS/Afolabi Sotunde

The Nigerian naira is currently trading at N750-N755 per dollar at the investors and exporters (I&E) window.

New developments showed that the Central Bank of Nigeria (CBN) on Wednesday directed commercial banks to sell forex freely at market-determined rates.

The market rate is said to be a “willing buyer, willing seller” arrangement.

The new policy places the country’s currency on ‘free-floating exchange status’.

A free-floating exchange rate is a situation where the government allows the exchange rate to be determined purely by market forces and there is no provision for the central bank to influence the external value of the exchange rate.

In this article:, ,
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Like Our Facebook Page

You May Also Like

Dr Olayemi Michael Cardoso, acting governor of the Central Bank of Nigeria (CBN) Dr Olayemi Michael Cardoso, acting governor of the Central Bank of Nigeria (CBN)

Finance

CBN removes 43 items from FX restriction, promises to fix forex crisis

The Central Bank of Nigeria (CBN) has removed the 43 items from foreign exchange (FX) restrictions.

October 12, 2023
A view shows Nigeria's Central Bank headquarters in Abuja A view shows Nigeria's Central Bank headquarters in Abuja

Economy

BREAKING: Tinubu nominates new CBN governor, deputies for senate confirmation

President Bola Tinubu has nominated Dr Olayemi Michael Cardoso as governor and four others as deputy governors of the Central Bank of Nigeria (CBN).

September 15, 2023
A view shows Nigeria's Central Bank headquarters in Abuja A view shows Nigeria's Central Bank headquarters in Abuja

Fact-Checker

FACT CHECK: CBN debunks old FX press release currently being circulated as new

The Central Bank of Nigeria (CBN) has debunked a foreign exchange policy press release currently being circulated on social media. 

August 18, 2023
Femi-Falana, senior advocate of Nigeria (SAN) Femi-Falana, senior advocate of Nigeria (SAN)

Finance

FX: Falana drags FG to court over floating of naira

Femi Falana, a senior advocate of Nigeria (SAN) and human rights lawyer has dragged the Central Bank of Nigeria (CBN) to court following the...

August 18, 2023
Godwin-Emefiele, the suspended governor of the Central Bank of Nigeria Godwin-Emefiele, the suspended governor of the Central Bank of Nigeria

Crime

Court stalls Emefiele’s arraignment and adjourns to August 23 

Court has adjourned the arraignment of Godwin Emefiele, suspended governor of the Central Bank of Nigeria (CBN) to August 23.

August 17, 2023
Godwin Emefiele, the suspended governor of the Central Bank of Nigeria (CBN) Godwin Emefiele, the suspended governor of the Central Bank of Nigeria (CBN)

Crime

DPP: FG to file new 20 charges against Emefiele

Mohammed Abubakar, the director of public prosecution (DPP) of the federation, says the federal government will file 20 fresh charges against Godwin Emefiele, suspended...

August 15, 2023

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

TechnocratMedia Nigeria will use the information you provide on this form to be in touch with you and to provide updates and marketing.