Nigeria is on the verge of making a decision to allow its local currency to trade more freely against the dollar, three people familiar with the matter said.

A discussion on letting the currency trade more freely is ongoing at the central bank, a senior banking official said, asking not to be named because the deliberations are private. Directives on the currency could be issued later today or latest tomorrow, the person said.

The Central Bank of Nigeria has allowed commercial banks to freely trade foreign exchange at any rate.

The announcement comes after Godwin Emefiele’s suspension as CBN’s governor.

Nigeria has officially floated its naira currency after years of sticking with a hard peg that spooked investors and drained dollars from the economy.

Sources familiar with the matter told BusinessDay Wednesday that a market rate based on a willing buyer and a willing seller is currently being quoted by banks who sent out emails to some customers confirming the change.

The I & E window is now quoting a range of between N750 -N755/$.

The rate could go as high as N800 by the end of today, according to some bankers, who say the next move now should be to prioritise supply of dollars to support the naira float.

Tntsi:
Dont be deceived by all these long grammar and paid media promotion gigs all to promote tinubu.

All these have no effect common man on the street.

Globad:
Hope people can now see what is meant by purposeful and deliberate leadership

With this policy, more foreign exchange inflow will come in. Naira may depreciate in the short run but it will appreciate in the long run

HonNL:
<sub>Banks being told that supply and demand will determine rates

Nigeria resets monetary policy after sacking central bank head</sub>



SOURCE



SOURCE



SOURCE

Nlfpmod Mynd44

9jatriot:
Hmmm, I was one of those who always opposed the free float because I felt we were not earning enough, but this your reason sounds sensible. I know FPI avoided Meffy and his voodoo policies because they could not repatriate money.

Anyway, we'll see

OfoIgbo:
It seems as though Tinubu has abandoned his Agbado proposals, and decided to settle for proposals marshaled out by Peter Obi during the campaign season.

That is good news.

I do hope they totally destroy those initial proposals by Tinubu to recruit 50 millions youths into the army and feed them agbado.

Jorussia:
This should have been done a long time ago.
Three economic oddities that have bled this
country for the past 3 years are about to end.
Fuel subsidy,multiple corrupt fx,and hopefully
Organised crude oil theft that has made us
Lose billions of dollars are buried in first two months of PBAT administration. PMB really brought the standard of so low,that many people began to think that everybody in APC are idiots like buhari.I pray the Lord help PBAT
to achieve uncommon success in the economy and security of this country in Jesus name Amen.

Globad:
Hope people can now see what is meant by purposeful and deliberate leadership

With this policy, more foreign exchange inflow will come in. Naira may depreciate in the short run but it will appreciate in the long run

Shigishege2:
Asiwaju in the building!!!!