News, Nigerian News

CBN To Eliminate Forecast Black Market


Central Bank of Nigeria (CBN) is reportedly working out strategies to eliminate with the foreign exchange black market.

Minister of Finance, Mrs. Kemi Adeosun made this new policy thrust known on Tuesday while addressing a conference in Abuja.

Adeosun said 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.”

 

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