The Federal Government has directed the Central Bank of Nigeria to eliminate the foreign exchange black market.
The Minister of Finance, Mrs Kemi Adeosun said this at a conference on Tuesday that CBN has been mandated to scrap the damaging market.
The apex 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 the conference.
The naira trades, sometimes 40% below the official rates, against the dollar.
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. However, this has done little to turn around the naira’s fortune.
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