JUST IN: Nigerian Commercial Banks Allows Limitless Foreign Trade Rate

The Central Bank of Nigeria has given consent to commercial banks to freely trade foreign exchange at any rate.

The announcement comes after Godwin Emefiele’s suspension as CBN’s governor.

The main objectives of exchange rate policy in Nigeria are to preserve the value of the domestic currency, maintain a favourable external reserves position and ensure external balance without compromising the need for internal balance and the overall goal of macroeconomic stability.

The Bank issues guidelines and circulars regularly for market participants in line with the country’s monetary policy stance, foreign exchange reserves position, balance of payments position and overall macro-economic fundamentals.