BREAKING: CBN officially floats naira

The Central Bank of Nigeria, CBN, on Wednesday declared that the exchange rate will henceforth be determined by the market.

 CBN Governor, Mr. Godwin Emefiele
CBN Governor, Mr. Godwin Emefiele

Speaking at a press conference in Abuja, the CBN Governor, Mr. Godwin Emefiele noted that the apex bank would occasionally participate in the market, stressing that the 41 items banned last year from having access to forex for imports remained banned.

The CBN has also appointed primary dealers for the first time which is expected to help boost FX liquidity in the market.

Emefiele also revealed that the new price of the Naira in regards to exchange rate will be made public when the market opens officially on Monday.