![]() ![]() ![]() It wasn’t immediately clear if the authorities would let the currency move entirely freely or usher in a more limited move via devaluation with some controls remaining in place. The bankers had said they were expecting a strong depreciation of the naira at the official spot window. Local banks are already being told that going forward, the naira’s exchange rate against the dollar will be determined through supply and demand rather than by the central bank, another senior banking official said. READ MORE: Nigerian Central Bank Announces Operational Changes to FX Market The central bank didn’t respond to requests for comment. ![]() The measures included the re-introduction of order based two-way quotes, which allow traders to see bid-ask spreads, and the reintroduction of order books. Later in the session, the bank announced a series of operational changes in the foreign exchange markets. ![]() The stock market and government bonds surged as investors welcomed the prospect for the latest in a series of reforms by President Bola Tinubu.Ī discussion on letting the currency trade more freely is ongoing at the central bank, a senior banking official told Bloomberg on Wednesday, asking not to be named because the deliberations were private. ![]()
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