CBN instructs banks to trade forex at any rate
There are indications that Central Bank of Nigeria (CBN) has given commercial banks and dealers in the forex market the green light to sell foreign exchange freely which is at a market-determined rate.
In response the I&E window exchange rate rose sharply to N610 per dollar, as at N12:50 pm from N471.67 yesterday night.
Though the CBN is yet to issue a statement to this effect, two banking executives however confirmed to Vanguard that it is true that the CBN has given the directive to the banks.
Meanwhile, an investment banker and the Co-founder, Comercio Partners, Nnamdi Nwizu, said the immediate impact of the directive is enhanced foreign exchange inflow into the economy and further rise in the inflation rate, as the I&E window exchange rate rises aggressively as already seen today.
Details later
