News
JUST IN: CBN Grants Banks Freedom To Trade Forex At Any Rate
There are indications that the Central Bank of Nigeria, CBN has directed banks to trade foreign exchange at any exchange rate in the Investors & Exporters window based on willing buy, willing seller arrangements.
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.
Impact
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.
YPF Congratulates Oyebanji On Second-Term Inauguration, Calls for Support For Tinubu’s Re-election Bid
The Oyo State Police Command Has Arrested Three Men In Saki Over Alleged Homosexual Acts.
Police Arrest Two Suspected Bandits In Katsina
Tinubu Seeks Confirmation Of Six INEC Commissioners
Tinubu Approves Lifetime Pay For Ex-Immigration Chiefs
INEC Adds Gbenga Hashim to 2027 Presidential Candidates’ List
-
Education3 days agoNursing Council Inducts 98 UNIOSUN Graduates As VC Urges Competence, Compassion
-
News4 days ago2027: APC Names Adeleke Osun Campaign Coordinator
-
Crime5 days agoOsun Court Remands Two Brothers Over Alleged Rape Of Eight-Year-Old Girl
-
Opinion3 days ago
Gov Adeleke’s Headship Of President Tinubu’s Campaign Council in Osun: Matters Arising And The Way Forward- Shuaib Oyedokun