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.