CBN directs banks to sell forex at market determined rates
By Ishaya Ibrahim
The Central Bank of Nigeria (CBN) has reportedly directed banks to sell foreign exchange at rates determined by the forces of demand and supply, according to reports from multiple media outlets.
This new regime of foreign exchange means the harmonization of the official and black market rates which President Bola Ahmed Tinubu promised to achieve during his inauguration speech on May 29.
A financial news website, Nairametrics also reported that the central bank has given commercial banks and dealers in the forex exchange market the green light to sell forex freely which is at market-determined rates.
The newspaper said it confirmed the information from multiple sources at the central bank and from traders with knowledge of the matter.
Central Bank of Nigeria head of Corporate Communications, AbdulMumin Isa did not respond to TheNiche request for confirmation of the information. The apex bank did not also confirm or debunk the claim on its website or social media outlets.