BREAKING: Commercial Banks In Nigeria Now Permitted To Trade Forex At Any Rate

 Commercial banks in Nigeria are in for a good ride as the country's apex bank, the Central Bank of Nigeria has given permissions to commercial banks to freely trade foreign exchange also known as forex at any rate.

The Nigerian foreign exchange market (forex) has over the years been influenced by myriad of factors ranging from structural shifts in production, international trade pattern change, institutional changes in the economy among others.

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 Forex was initially earned by the country's private sector before the establishment of the Central Bank of Nigeria (CBN) in 1958 and the subsequent enactment of the Exchange Control Act of 1962.

 A local foreign exchange market was thus created with the centralisation of forex authority in the bank.

 Nigeria's President, Bola Tinubu last week suspended the CBN governor, Godwin Emefiele for corrupt practices with Folashodun Shonubi taking his place in acting capacity.

Before then, there were rumours the naira had been devaluated with a single dollar to naira rate.

The new leadership of the apex bank has now given banks the impetus to buy and sell at any rest.

The implication of this os that demand and supply forces will now determine rate.