Reports: Naira hits N755 to dollar at importer& exporters window as CBN directs banks to trade freely

The naira is currently trading at 750-755 per dollar at the investors and exporters window as at Wednesday.

Several reports claim on Wednesday that the Central Bank of Nigeria (CBN) has directed commercial banks to sell forex freely at market-determined rates.

The latest update about the Naira to dollar trading is regarded as a reflection of the CBN directives.

According to the cable, experts said the market rate is said to be a “willing buyer, willing seller” arrangement.

The development also implies that Nigeria has eased its control of the naira, allowing the local currency to freely float.

A free-floating exchange rate occurs when a government allows the exchange rate to be determined purely by market forces without any attempt to ask the central bank to influence the external  value of the exchange rate.