CBN allows banks to trade forex at any rate

The Central Bank of Nigeria, (CBN) has granted commercial banks freedom to trade foreign exchange at any rate.

This was contained in it new guidelines released after the suspension of Godwin Emefiele as Governor of the apex bank.

CBN’s decision marks a departure from previous regulations that imposed strict controls on forex trading.

Per the guidelines, commercial banks in the country are now empowered to determine the exchange rates at which they buy and sell forex.

Details soon…