CBN authorizes free foreign exchange sales by commercial banks in line with President Tinubu's unified exchange rate vision

The Central Bank of Nigeria (CBN) has authorized commercial banks and dealers to sell foreign exchange at a market-determined rate, according to recent news. 

Banks can now directly influence and determine the value of the Naira to the dollar, which is in line with President Bola Tinubu's commitments upon taking office on May 29th.

In his inauguration speech, President Tinubu promised a single foreign exchange rate regime, which he believes would promote capital investment and job creation in the real economy. 

The World Bank and other multilateral lending organizations had previously warned the CBN under former President Muhammadu Buhari about the negative effects of multiple currency rates on the economy and its potential to scare away investors. Gazettengr