Nigeria has officially floated its naira currency after years of sticking with a hard peg that spooked investors and drained dollars from the economy.
Sources familiar with the matter told BusinessDay Wednesday that a market rate based on a willing buyer and a willing seller is currently being quoted by banks who sent out emails to some customers confirming the change.
The I & E window is now quoting a range of between N750 -N755/$.
“Treasurers got called from the CBN earlier today to tell them to start quoting the weaker rate for customers,” a source familiar with the matter said.
The rate could go as high as N800 by the end of today, according to some bankers, who say the next move now should be to prioritise supply of dollars to support the naira float. (BusinessDay)
