Naira is currently selling for as high as N755 per dollar at the investors and exporters (IampE) window.
The situation arose on Wednesday as the Central Bank of Nigeria (CBN) gave commercial banks and dealers in the forex market the green light to sell forex freely at a marketdetermined rate.
According to The Cable, multiple sources at the central bank and traders with knowledge of the matter confirmed the CBNs directive.
BrandSpur Nigeria gathered that the move is in line with the promise of President Bola Tinubu to unify the multiple exchange rate in the market.
The CBN is expected to issue an official confirmation of the policy change soon.
The change comes days after Godwin Emefiele was suspended as the apex banks top chief.
Folashodun Shonubi, a deputy governor of the CBN (Operations Directorate), is currently the banks acting governor as Emefiele undergoes investigation.
The IampE foreign exchange (FX) window is the countrys official exchange rate window.
It is the market trading segment for investors, exporters and endusers that allows for FX trades to be made at exchange rates determined based on prevailing market circumstances.
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