CBN Allows Banks To Trade Forex At Any Rate

The Central Bank of Nigeria (CBN) has clarified that it has no plans to introduce a new naira policy that would drastically affect the dollar exchange rate, setting it at N1.25 kobo.

A recent online report had suggested that the CBN was considering such a move, with the policy slated for November 2023.

According to the report, this policy aimed to stabilize inflation expectations and facilitate easier currency conversion while reversing the trend of currency substitution and phasing out higher denomination notes with reduced purchasing power.

As of Tuesday, the exchange rate stood at N742.10 to the dollar in the investors’ and exporters’ (I&E) window, which is Nigeria’s official foreign exchange market. The CBN issued a statement on Wednesday to address the circulating report, asserting that it was false and should be disregarded.

ALSO SEE: Marques Brownlee Biography, Age, Family, Career, and Net Worth

The CBN has been implementing various policies to reform the foreign exchange market since President Bola Tinubu assumed office in May 2023.

These measures include lifting restrictions on deposits into domiciliary accounts and unifying the multiple exchange rate systems, which has led to the devaluation of the naira.

Download Video Button

This devaluation has caused the price of the dollar in the I&E window to rise from N461.50/$1 on June 13 to N742.10/$1 as of Tuesday.


The CBN post reads;

“The Central Bank of Nigeria would like to bring to your attention that the attached message currently circulating on social media is false and should be disregarded.”