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FOREX: CBN Grants Banks of Exchange at Different Rates

by Silverbird News24

FOREX: FG Grants Banks Freedom of Exchange At Different Rates

The Central Bank of Nigeria (CBN) has authorized commercial banks to freely trade foreign exchange at any rate.

The authorization gives banks the authority to sell foreign exchange at a rate set by the market.

Several banks have fixed the USD/Naira exchange rate between N699 and N750, indicating that Nigeria is currently using a freely floating exchange rate.

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