GRACIOUSGIST.COM: TRENDING RUMOUR: PRESIDENT MUHAMMADU BUHARI GIVES THE CBN THE GON AHEAD TO INTRODUCE FLEXIBILITY IN THE NAIRA EXCHANGE RATE

The Guardian reports that the Central Bank of Nigeria is set to roll out the details of the new flexible exchange rate policy, which is a monetary system that allows the exchange rate to be determined by supply and demand, the Nation's currency naira has switched to N285 to a dollar at the interbank market.
The new policy also means that banks and Bureau the change BDC operators will have to source forex autonomously and sell according to market dynamics.
The interbank rate had run nearly at par with the official at N199 per dollar and N197 per dollar respectively before the pronouncement on the new foreign exchange measure.
The new rate represents about 43.2% increase from N199 to the dollar it previously traded, which according to analyst suggests that the market is gradually adjusting itself to the new direction, although the details are yet to be unfolded.
A look on apex bank official website show the naira is still pegged at N197.
Meanwhile, Nigerian Customs announced it will begin to use the rate of N285 to the dollar for the calculation of duty on all imports from Wednesday, june 1 2016 has been denied by service.
But according to the service , the responsibility of fixing official duty rate is the function of CBN, hence the service could not have been the one to announce the official rate.