Deposit Money Banks have said that they were directed by the Central Bank of Nigeria (CBN) to freely trade the naira against the dollar and other international currencies.
On the back drop of this, naira trades at N730 to N755 per dollar at the Investors and Exporters (I&E) window on Wednesday.
Although CBN is yet to release an official statement on the matter, bankers and customers who traded in Foreign Exchange on Wednesday confirmed that the naira now trades between N730 and N750.
The development came just two weeks after President Bola Tinubu vowed to unify the exchange rates and remove fuel subsidy in his inauguration speech on May 29, 2023.
The new rate N755/$1 showed over 20% decline in the value of the naira compared to the previous rate of N463/$. At the moment, naira is now on a par with the dollar both at the I&E window and at the black market.
Source: Official dollar rate hits N755 as CBN orders Banks to trade freely – StocksWatch (stocksng.com)
