This recent directive signifies a notable development in the country's foreign exchange policies, aimed at fostering a more flexible and market-driven exchange rate system.

The decision comes in response to President Bola Tinubu's recent commitment to unify Nigeria's multiple exchange rates.

A chief executive officer of a commercial bank, who shared this information with the media, confirmed that banks are now permitted to engage in forex trading on the I&E window at any rate, with a limit of N1 spread.

“The CBN has called banks that the rate cap has been removed at I&E Window.

“Hence, banks and customers are allowed to trade freely at any rate subject to N1 spread between buy and sell rate”, the bank chief said.

Following the development, the naira depreciated to over N700/dollar during trading on the I&E window on Wednesday.