CBN To Scrap Forex Black Market–Adeosun

By Ikenga Chronicles December 21, 2016

The ‎ Minister of Finance, Mrs. Kemi Adeosun, has disclosed that the  Central Bank of Nigeria (CBN) would eliminate black markets and ensure a reasonable dollar exchange  gap with the official market.

Adeosun in ‎an economic conference in Abuja, said the “CBN has been directed to do this and has promised to do something by putting a system in place to eliminate the black market because it was damaging the economy.”

In his reaction, CBN’s Acting Director, Corporate Communications, Mr. Isaac Okorafor, said the Apex Bank was working towards “ensuring that the forex market operates as effectively as we would envisage”.

He said the bank would  “ensure there is no black market”, but did not give details of how this would be achieved.

The naira  has traded at N305.5 /dollar on the official interbank market since August, while it was quoted at N487 /dollar on the parallel market on Monday.

The CBN scrapped a 16-month- old peg of N197 to the dollar in June, but it continues to trade in the official market, so that the naira remains far stronger against the dollar there, than on the parallel market.

The government has continued to blame the black market for damaging the already shaky economy.

However, operatives of the Department of State Security (DSS) have embarked on the arrest of some parallel market operators in Lagos and Abuja who are not registered Bureaux de Change (BDCs) as they are accused of selling the dollar above N400‎.

 

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