CBN Directs Banks To Sell Dollar At Market-determined Rates

The Central Bank Of Nigeria (CBN) has permitted banks to sell foreign exchange at their own price.

This comes on the heels of the suspension of former governor of the CBN, Godwin Emefiele, who dictated rates at which the dollar is sold at the three different FX windows held by the country.

At the Investors’ & Exporters’ window, the dollar is currently quoting between N750 to N755/$.

Recall that President Bola Tinubu had promised to unify the multiple exchange rate in the market.

Tinubu’s promise was to attract investors into the country.

Kanyi Daily reported that the president appointed the apex bank’s Deputy Governor, Operations Directorate, Folashodun Adebisi Shonubi to oversee the CBN.

A day after the suspension, Emefiele was picked up by the Department of State Services (DSS) for some “investigate reasons”.