Our reporter/ The naira on Wednesday traded at N750-N755 per dollar at the investors and exporters (I&E) window.
According sources privy to the development the Central Bank of Nigeria (CBN) directed commercial banks to sell forex freely at market-determined rates.
The market rate is said to be a “willing buyer, willing seller” arrangement.
This implies that Nigeria has eased its control of the naira, allowing the local currency to freely float.
The development comes days after the suspension of Godwin Emefiele as CBN governor by the government of Bola Tinubu.
Folashodun Adebisi Shonubi, deputy governor, operations directorate, is expected to act as the CBN governor pending the conclusion of an investigation ordered by the president into Emefiele’s activities.
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