CBN floats naira; banks to determine exchange rates to dollar, other currencies
The Central Bank of Nigeria (CBN) has authorised commercial banks and dealers to sell foreign exchange freely at a rate set by the market.
The change allows banks to freely influence and determine the naira to dollar value.
The development is in line with the commitments that President Bola Tinubu made upon being sworn in on May 29.
During his inauguration, Mr Tinubu promised a single foreign exchange rate regime.
The president insinuated that he would direct the CBN to strive toward a single exchange rate.
He claimed that a unified exchange rate would divert capital away from arbitrage and toward significant investments in facilities, equipment, and jobs that power the real economy.
Before now, the World Bank and other multilateral lending organisation had during the Muhammadu Buhari regime, warned the CBN about the negative consequences of multiple currency rate on the economy and how the situation was frightening away investors.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Heading 3
RMAFC reports growth of N23 trillion in Nigeria’s federation account in 2025
He attributed the revenue growth to fiscal reforms, among others.
World
Adinkra Fellowship announces inaugural cohort of black leaders
The Adinkra Fellowship is a global leadership initiative that identifies, connects, and elevates rising Black leaders under the age of 40.
Hot news Home top
CAPTI report exposes how police compelled detainees to work on officers’ private properties for release
The facility is headed by Assistant Commissioner of Police (ACP) Oladimeji Adeyeyiwa.
Heading 5
Troops neutralised scores of terrorists, rescued over 80 victims in one week: DHQ
According to him, the operations led to the arrest of dozens of terrorists’ collaborators.
States
APC wins all chairmanship, councillorship seats in Borno LG polls
He said only six political parties participated in the elections.
NationWide
FG tasks professional printers on collaboration to drive growth, innovation
He noted that the printing industry remains a critical pillar of national development.
