Economy

CBN Floats Naira, Allowing Banks To Trade FOREX Freely

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 the supply of dollars to support the naira float.

Sponsored

SOURCE

SPONSORED
Victor Alade

Recent Posts

Tinubu’s Economic Reforms Not Responsible For Hunger, Stampede — FG

The Minister of Information and National Orientation, Mohammed Idris, has warned politicians against linking stampedes…

5 hours ago

Ohafia Community In Mourning As Trailer Crushes Many Christmas Travelers To Death (Photos, Video)

Ohafia, Abia State, was plunged into mourning on Sunday following a tragic accident involving a…

6 hours ago

After 25 Years, Democracy Yet To Meet Citizen’s Expectations — Bugaje

An Islamic scholar and political activist, Dr. Usman Bugaje, has highlighted the inability of the…

11 hours ago

Tinubu’s 2025 Budget Full Of Unrealistic Expectations, Says SDP’s Adebayo

The presidential candidate of the Social Democratic Party (SDP) in the 2023 general elections, Prince…

13 hours ago

VP Shettima Saddened Over Stampedes That Killed Dozens Of People, Says It’s National Tragedy

Vice President Kashim Shettima has mourned the victims of the recent tragic stampedes that claimed…

14 hours ago

Yuletide: NACA Urges Nigerians To prioritize Their Health, Know Their HIV Status

The National Agency for the Control of AIDS has advised Nigerians to prioritize their health…

15 hours ago