The Central Bank of Nigeria will move to eliminate the foreign exchange black market in Africa’s biggest economy, the country’s finance minister said on Tuesday.
The naira trades, sometimes 40% below the official rates, against the dollar. Adeosun said the CBN has been mandated to scrap the damaging market.
The central bank (CBN) “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 told a conference.
A CBN spokesman, Isaac Okorafor, said the central bank was working towards “ensuring that the forex market operates as effectively as we would envisage”.
He said the aim was to “ensure there is no black market” but did not give details of how this would be achieved.
Nigeria had pegged the naira to the dollar at 197-199 since March 2015 but the CBN scrapped the 16-month-old peg in June in favour of currency free float. But that has done little to change naira’s fortune. http://m.guardian.ng/news/cbn-to-eliminate-forex-black-market/

Just observing

You mean, you want to deny a vast majority of northerners their source of livelihood? Na this one go make buhari sack you

soldierkunle:
The Central Bank of Nigeria will move to eliminate the foreign exchange black market in Africa’s biggest economy, the country’s finance minister said on Tuesday.
The naira trades, sometimes 40% below the official rates, against the dollar. Adeosun said the CBN has been mandated to scrap the damaging market.
The central bank (CBN) “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 told a conference.
A CBN spokesman, Isaac Okorafor, said the central bank was working towards “ensuring that the forex market operates as effectively as we would envisage”.
He said the aim was to “ensure there is no black market” but did not give details of how this would be achieved.
Nigeria had pegged the naira to the dollar at 197-199 since March 2015 but the CBN scrapped the 16-month-old peg in June in favour of currency free float. But that has done little to change naira’s fortune. http://m.guardian.ng/news/cbn-to-eliminate-forex-black-market/

If this will be the only thing this government will achieve in my favour, to right the wrongs of the past administrations by repudiation of BDCs, it will gladden my heart a great deal. It's high time they realised the fact that the black market was created by the elites to make more money, to frustrate our economy and the efforts of those in the importation business.

awelekiti:
If this will be the only thing this government will achieve in my favour, to right the wrongs of the past administrations by repudiation of BDCs, it will gladden my heart a great deal. It's high time they realised the fact that the black market was created by the elites to make more money, to frustrate our economy and the efforts of those in the importation business.

Its anniying for someone to tell you 1 plus 1 is 4.

it is worse for someone to belirve it.

how can you brlieve this uneconomic nonsrnse

OK

grandstar:


Its anniying for someone to tell you 1 plus 1 is 4.

it is worse for someone to belirve it.

how can you brlieve this uneconomic nonsrnse

Did I sound as if I believed it? Go and study English Grammar and dwell much on adverbial clause of condition, which usually starts wit the word 'if'

Waiting to see how this will play out...

cc: lalasticlala, dominique, Mynd44

Another trial & failure , error... We siddon dey look.

Are the wailers on break?

awelekiti:
Did I sound as if I believed it? Go and study English Grammar and dwell much on adverbial clause of condition, which usually starts wit the word 'if'

Honestly, it was not meant as an insult bro

Wish you well

Another try and error method in place.

Grundig:
You mean, you want to deny a vast majority of northerners their source of livelihood? Na this one go make buhari sack you

They should go back to farming.