CBN Permits Commercial Banks to Trade in Forex at Market Rate

The Central Bank of Nigeria, CBN, has permitted commercial banks to trade in the forex market at a market-determined rate.

This comes just days after Godwin Emefiele, the CBN Governor was suspended and arrested by the State Secret Service over an ongoing investigation bordering on money laundering and others.

Meanwhile, President Bola Tinubu promised during his inauguration speech to unify the exchange rate in the market.

Though there has not been any official confirmation, it is expected later in the day from the Central Bank of Nigeria.