The Central Bank of Nigeria has directed Deposit Money Banks to remove the rate cap on the naira at the Investors and Exporters (I&E) Window of the foreign exchange market.
According to CBN, this will allow for a free float of the national currency against the dollar and other global currencies.
The development comes days after the suspension of the CBN governor, Godwin Emefiele by President Bola Tinubu.
Watch our explainer to learn more about floating the naira.
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