After Emefiele’s suspension, CBN directs banks to trade forex ‘freely’ at market-determined rates

• According to verified sources, CBN directs banks to trade forex ‘freely' at market-determined rates.
• Official confirmation is expected later in the day once data from the FMDQ becomes available.
• Reports suggest that trades are reaching as high as N750/$1, while in the black market, the exchange rate has reached as high as N773/$1 for “inflows,” which refers to the sale of dollars or other currencies through electronic means.

Fox Nigeria reports that after Godwin Emefiele's suspension, CBN directs banks to trade forex ‘freely' at market-determined rates.

Fox Nigeria has gathered this information from various sources within the Central Bank of Nigeria and from knowledgeable traders.

However, the official confirmation is expected to be provided later in the day once data from the FMDQ becomes available.

Fox Nigeria has also learned that the central bank will soon release an official confirmation.

According to sources, trades are currently reaching as high as N750/$1.

Furthermore, in the black market, the exchange rate has soared to N773/$1 for “inflows,” which refers to the sale of dollars or other currencies through electronic means.