…Currency now trades at N750-N755 to $1
Nigerians naira is currently trading at N750-N755 per dollar at the investors and exporters (I&E) window, a development experts say would definitively push up fuel prices over and above the current prices sold across the country any moment.
Business Hilights gathered that the development followed the directive of the Central Bank of Nigeria, CBN, on Wednesday allowing commercial banks to freely trade foreign exchange at any rate.
The market rate is said to be a “willing buyer, willing seller” arrangement, thus disabling operators of Bureau D’ Change out of business.
This implies that Nigeria has eased its control of the naira, allowing the local currency to freely float.
A free-floating exchange rate occurs when a government allows the exchange rate to be determined purely by market forces and there is no attempt to ask the central bank to influence the external value of the exchange rate.
The development comes days after the suspension of Godwin Emefiele as CBN governor by President Bola Tinubu.
Folashodun Adebisi Shonubi, deputy governor, operations directorate, is expected to act as the CBN governor pending the conclusion of an investigation ordered by the president into Emefiele’s activities.
