CBN Directs Banks To Trade Forex Freely As Naira Hits N755/$ at I&E Window

Dollar and naira

Eko Hot Blog reports that the naira is currently selling for as high as N750 – N755 per dollar at the investors and exporters (I&E) window.

The situation arose on Wednesday as the Central Bank of Nigeria (CBN) gave commercial banks and dealers in the forex market the green light to sell forex freely at a market-determined rate.

According to The Cable, multiple sources at the central bank and traders with knowledge of the matter confirmed the CBN’s directive.

Eko Hot Blog gathered that the move is in line with the promise of President Bola Tinubu to unify the multiple exchange rate in the market.

The CBN is expected to issue an official confirmation of the policy change soon.

The change comes days after Godwin Emefiele was suspended as the apex bank’s top chief.

Acting CBN Governor, Folashodun Adebisi Shonubi

Folashodun Shonubi, a deputy governor of the CBN (Operations Directorate), is currently the bank’s acting governor as Emefiele undergoes investigation.

The I&E foreign exchange (FX) window is the country’s official exchange rate window. It is the market trading segment for investors, exporters and end-users that allows for FX trades to be made at exchange rates determined based on prevailing market circumstances.

Philip Ibitoye

Philip Ibitoye is a journalist who boasts more than five years of experience reporting the news. He is an Editor at Eko Hot Blog.