{"id":89919,"date":"2023-06-14T22:36:06","date_gmt":"2023-06-14T21:36:06","guid":{"rendered":"https:\/\/www.africa-press.net\/nigeria\/uncategorized\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate"},"modified":"2023-06-14T23:24:57","modified_gmt":"2023-06-14T22:24:57","slug":"cbn-grants-banks-freedom-to-trade-forex-at-any-rate","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate","title":{"rendered":"CBN grants banks freedom to trade forex at any rate"},"content":{"rendered":"

Africa-Press – Nigeria. <\/strong><\/span>The Central Bank of Nigeria has authorised commercial banks to freely trade foreign exchange at any rate.<\/p>\n

The authorisation means that banks now have the power to sell forex at a market-determined rate.<\/p>\n

Some banks have pegged the USD to Naira rate at N699 to N750, suggesting that Nigeria is now operating a freely floating exchange rate in line with President Bola Ahmed Tinubu\u2019s pledge to unify the rate.<\/p>\n

Reacting to the development in an Arise Television interview on Wednesday, Dr. Andrew Nevin, the Advisory Partner & Chief Economist of PricewaterhouseCoopers (PwC), said the unification of foreign exchange rates will impact the country dramatically by boosting investment opportunities in Nigeria.<\/p>\n

\u201cWhat has been happening is that CBN is taking dollars from the Federation\u2019s account and giving to privileged individuals at N411 to US dollar while the real price is N700 to N750 to the Dollar, we don\u2019t really know because they\u2019ve removed price transparency.<\/p>\n

\u201dWhat happens is that the state government cannot pay their pensioners. That fundamental issue will be addressed by the development. Now the state government will get full value for its dollar.<\/p>\n

\u201cIt will have a dramatic impact on the fiscal structure of the country when we stop giving the dollar to privileged individuals. We get better investment, more fair use of the country\u2019s resources and improved business environment, this will strengthen Nigeria\u2019s currency\u201d, he stated.<\/p>\n

For years, Nigeria has maintained a tightly controlled official exchange rate as the country\u2019s forex reserves hit new lows. While the CBN maintained an artificial rate of $1\/N462.<\/p>\n

For More News And Analysis About Nigeria<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Nigeria. The Central Bank of Nigeria has authorised commercial banks to freely trade foreign exchange at any rate. The authorisation means that banks now have the power to sell forex at a market-determined rate. Some banks have pegged the USD to Naira rate at N699 to N750, suggesting that Nigeria is now operating […]<\/p>\n","protected":false},"author":84,"featured_media":89918,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[1570,2140,1578,503,254],"class_list":["post-89919","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-nigeria-2","tag-breaking","tag-cbn","tag-nigeria"],"yoast_head":"\nCBN grants banks freedom to trade forex at any rate - Nigeria<\/title>\n<meta name=\"description\" content=\"The Central Bank of Nigeria has authorised commercial banks to freely trade foreign exchange at any rate. The authorisa ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN grants banks freedom to trade forex at any rate\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria has authorised commercial banks to freely trade foreign exchange at any rate. The authorisa ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate\" \/>\n<meta property=\"og:site_name\" content=\"Nigeria\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-14T21:36:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-14T22:24:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/06\/sm_1686765192.756866.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"CBN grants banks freedom to trade forex at any rate\",\"datePublished\":\"2023-06-14T21:36:06+00:00\",\"dateModified\":\"2023-06-14T22:24:57+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate\"},\"wordCount\":286,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/06\/sm_1686765192.756866.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Nigeria\",\"breaking\",\"CBN\",\"Nigeria\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate\",\"name\":\"CBN grants banks freedom to trade forex at any rate - Nigeria\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/06\/sm_1686765192.756866.jpg\",\"datePublished\":\"2023-06-14T21:36:06+00:00\",\"dateModified\":\"2023-06-14T22:24:57+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"description\":\"The Central Bank of Nigeria has authorised commercial banks to freely trade foreign exchange at any rate. The authorisa ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/06\/sm_1686765192.756866.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/06\/sm_1686765192.756866.jpg\",\"width\":1200,\"height\":675,\"caption\":\"CBN grants banks freedom to trade forex at any rate\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.net\/nigeria\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"CBN grants banks freedom to trade forex at any rate\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#website\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/\",\"name\":\"Africa Press | Nigeria | Homepage\",\"description\":\"Just another Africa News Agency Sites site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\",\"name\":\"cfeditoren\",\"url\":\"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"CBN grants banks freedom to trade forex at any rate - Nigeria","description":"The Central Bank of Nigeria has authorised commercial banks to freely trade foreign exchange at any rate. The authorisa ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate","og_locale":"en_US","og_type":"article","og_title":"CBN grants banks freedom to trade forex at any rate","og_description":"The Central Bank of Nigeria has authorised commercial banks to freely trade foreign exchange at any rate. The authorisa ...","og_url":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate","og_site_name":"Nigeria","article_published_time":"2023-06-14T21:36:06+00:00","article_modified_time":"2023-06-14T22:24:57+00:00","og_image":[{"width":1200,"height":675,"url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/06\/sm_1686765192.756866.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate#article","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate"},"author":{"name":"cfeditoren","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"headline":"CBN grants banks freedom to trade forex at any rate","datePublished":"2023-06-14T21:36:06+00:00","dateModified":"2023-06-14T22:24:57+00:00","mainEntityOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate"},"wordCount":286,"commentCount":0,"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/06\/sm_1686765192.756866.jpg","keywords":["Africa Press","Africa Press-Nigeria","breaking","CBN","Nigeria"],"articleSection":["all news","Economy"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate","url":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate","name":"CBN grants banks freedom to trade forex at any rate - Nigeria","isPartOf":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/06\/sm_1686765192.756866.jpg","datePublished":"2023-06-14T21:36:06+00:00","dateModified":"2023-06-14T22:24:57+00:00","author":{"@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb"},"description":"The Central Bank of Nigeria has authorised commercial banks to freely trade foreign exchange at any rate. The authorisa ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate#primaryimage","url":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/06\/sm_1686765192.756866.jpg","contentUrl":"https:\/\/static.africa-press.net\/nigeria\/sites\/3\/2023\/06\/sm_1686765192.756866.jpg","width":1200,"height":675,"caption":"CBN grants banks freedom to trade forex at any rate"},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/nigeria\/economy\/cbn-grants-banks-freedom-to-trade-forex-at-any-rate#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.net\/nigeria\/"},{"@type":"ListItem","position":2,"name":"CBN grants banks freedom to trade forex at any rate"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/nigeria\/#website","url":"https:\/\/www.africa-press.net\/nigeria\/","name":"Africa Press | Nigeria | Homepage","description":"Just another Africa News Agency Sites site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/nigeria\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/nigeria\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb","name":"cfeditoren","url":"https:\/\/www.africa-press.net\/nigeria\/author\/cfeditoren"}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/89919","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/comments?post=89919"}],"version-history":[{"count":0,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/posts\/89919\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media\/89918"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/media?parent=89919"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/categories?post=89919"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.net\/nigeria\/wp-json\/wp\/v2\/tags?post=89919"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}