Business
CBN to eliminate forex black market- Adeosun
Emerging reports say the Central Bank of Nigeria (CBN) is working out strategies to do away with the foreign exchange black market that has remained a source of discomfort to managers of the economy.
Minister of Finance, Mrs. Kemi Adeosun, reportedly gave indication of the new policy thrust on Tuesday while addressing a conference in Abuja.
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She said the CBN has been mandated to scrap the underground market where persistent speculations by the operators have seen the value of the Naira vary significantly between the official rates and the black market rates.
The central bank “has been directed to do this and CBN has promised to do something by putting a system in place to eliminate the black market because it’s damaging the economy”, Adeosun said.
It remains to be seen how government intends to approach the challenge as the forex black market has been a stubborn feature of Nigeria’s financial system where traders earn robust margins through speculations.
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seyi jelili
December 21, 2016 at 2:32 pm
I hope adeosun and emefiele won’t later disagree on this because both of them are always at loggerheads.
yanju omotodun
December 21, 2016 at 4:17 pm
BOTH of them know nothing practical about the economy. they only know economics and finance in theory. I am sure Adeosun is part of the minister going next year.
Roland Uchendu Pele
December 21, 2016 at 3:16 pm
This is is just not possible!
Animashaun Ayodeji
December 21, 2016 at 3:52 pm
This ought to have been done before now. Once all these black markets are scrapped, Naira will gain more weight against dollar and it will rapidly impact our Economy positively
Emmanuel Alayegbami
December 21, 2016 at 4:10 pm
deceive yourself. who told you that is the black marketers that are making dollar weak, it makes no different but even will make dollar scarce.
Joy Madu
December 22, 2016 at 6:18 am
You are right because if they scrapped the black market our economic will bounce back to normal shape
Margret Dickson
December 21, 2016 at 4:00 pm
I’ve never believed anything Adeosun says… this is yet another nonsense talk from her
JOHNSON PETER
December 21, 2016 at 4:22 pm
banks are the ones aiding these black marketers . banks like selling to them because of some fishy business between them. even we have to scrap bureau de change too.