When Daily Sun called to confirm from sources at the apex bank and traders, there was no response. However, official confirmation will have to come later in the day when data from the FMDQ is available.
Daily Sun also understands official confirmation will be issued by the CBN.
Which means this has not been confirmed yet. I have seen these all over the news.
Reports reaching Daily Sun indicate that the Central Bank of Nigeria (CBN) has given commercial banks and dealers in the forex market the green light to sell FX freely at a market-determined rate.
If true that CBN influence on Investors and Exporters rate has been removed, and individual can decide what the price would be, I think this will later be like parallel market. I mean the I&E rate will become close in price with the parallel market price. I may be wrong, according to the news:
For instance, for a buyer of the US dollar and the seller of the dollar in the I&E window, this will have an impact on the parallel markets which might be obliterated if Nigeria eventually has a free exchange rate which will be determined by participants.
Or maybe it means that the I&E price will be similar to parallel market price to the extent the parallel market rate will no longer exist, or people using it will significantly decrease.
But let us still consider this news not to be valid yet until there is official confirmation about it that it is true.
