According to reports, the Central Bank of Nigeria (CBN) has authorized commercial banks and forex market dealers to freely sell foreign exchange (FX) at a market-determined rate. This development follows the removal of the rate cap on the Investors and Exporters (I&E) window, as stated by insiders.
The move aligns with the new administration’s objective of transitioning to a unified exchange rate system. Prior to the June 12 holiday, the rate on the I&E window stood at approximately N463.38/$1, based on the latest available information.
