Apex Bank Directs Banks To Trade Forex At Any Rate

By Sola Omoniyi, Lagos

The Nigeria Central Bank has directed all banks to trade forex freely at any rate.

This is coming after many years of pegging naira currency and draining dollars from the currency.

It was reported that the current market rate is now based on willing buyers and willing sellers. The current exchange rate is said to be between N750-755 per $1.
However, it was said that the rate could be as high as N800 by the end of June 14, 2023, according to some bank workers.

This development comes after Godwin Emefiele was suspended as the CBN Governor by President Bola Ahmed Tinubu.