...abolishes multiple exchange rate…
The CBN, yesterday, announced to the public that it has made some changes to the FOREX market in what looks like floating of the naira.
In a released statement titled, "CBN Makes Operational Changes to the Foreign Exchange Market’’, and signed by its Director of Financial Markets, Dr. Angela Sere-Ejembi; it says that: ‘’ The CBN wishes to inform all authorized dealers and the general public of the following immediate changes to the operations in the Nigerian Foreign Exchange ( FX) Market:
Abolishment of Segmentation: All segments are now collapsed into the Investors and Exporters (I&E) window” as applications for medicals, school fees, BTA/PTA, and SMEs would however continue to be processed through deposit money banks.
Re-introduction of the “Willing Buyer, Willing Seller” model at the I&E Window: Operations in this window shall be guided by the extant circular on the establishment of the window, dated April 21, 2017 and referenced FMD/DIR/CIR/08/007 - stating that all eligible transactions are permitted to access foreign exchange in this window
Cessation of RT200 Rebate Scheme and the Naira4Dollar Remittance Scheme, will take effect from June 30, 2023.
Proscription of trading limits on oversold FX positions with permission to hedge short positions with OTC futures - limits on overbought positions shall be zero
The operational rate for all government-related transactions shall be the weighted average rate of the preceding day’s executed transactions at the I&E window, calculated to two (2) decimal places.
Re-introduction of order-based two-way quotes, with bid-ask spread of #1, and All transactions shall be cleared by a Central Counter Party (CCP).
Reintroduction of Order Book to ensure transparency of orders and seamless execution of trades.
The operational hours of trades shall be from 9 am to 4 pm, Nigerian time.
Further guidance on these matters shall be communicated in due course. All market participants and the general public are kindly enjoined to abide by these rules.’’

This is the way to go