Just as the title of this thread talk, I just came across this news this early morning saying how our Nigerian banks done send email to all their customers yesterday being Wednesday 21th June 2023, saying no more forex at CBN rate, and I talk say make I share am here make una shoke mouth for the matter, whether abi you don receive any message from your bank? And abeg wetin dem talk, because however, here na the complete gist given below...


Commercial banks in Nigeria have sent out messages to their customers updating them on changes to foreign exchange policy as recently announced by the central bank, regarding the determination of exchange rates, emphasizing that the central bank no longer sets the rate. As customers now need to understand that the exchange rates will no longer be fixed and will instead be determined by the prevailing market rate at the Investors and Exporters (I&E) window. This knowledge empowers customers to make informed decisions and manage their foreign exchange requirements more effectively.
Informing customers about the removal of fixed exchange rates is crucial for managing expectations. Previously, customers may have relied on stable exchange rates set by the central bank for their forex transactions.
By notifying customers that these fixed rates are no longer applicable, banks prevent any false expectations and ensure that customers are aware of the potential fluctuations in exchange rates, which could impact their transactions.
The change in exchange rate determination directly affects customers’ financial transactions. With the shift to market-driven rates, customers can no longer rely on purchasing forex at fixed rates.
This notification enables customers to plan their forex purchases accordingly and consider market fluctuations that might affect the cost of their transactions. This is why they insist that the customers fully fund their accounts “at all times.”

Source:. https://nairametrics.com/2023/06/21/banks-send-emails-to-customers-no-more-forex-at-cbn-rates/


So what's your opinion on this??