The Central Bank of Nigeria (CBN) has implemented a new policy which allows commercial banks to trade foreign exchange at any rate.
Coming days after CBN Governor, Godwin Emefiele was suspended by the Federal government, the naira is currently exchanging between N750 and N755 to the dollar at import and export (I&E) window. This is seen as a significant departure from previous trading practice which was governed by the dictates of the CBN Governor.
According to reports, the aim of this policy shift is to create a more flexible and attractive foreign exchange market to enable the country to attract more foreign investors. President Bola Tinubu had earlier promised a holistic FX reform that includes harmonizing exchange rates. This new policy would encourage investors to return to the country and promote economic growth.
