Minister of Finance,
Kemi Adeosun says following the negative effects of the thriving of the Naira
Black market on the nation’s economy the Central Bank of Nigeria, CBN, has been
directed to eliminate Naira black market in the country.
Speaking during an
economic conference in Abuja, the minister said the black market has
contributed to the current scenario where the naira trades about 40 percent
below the official rate against the dollar and added that CBN has promised to
do something by putting a system in place to eliminate the black market.
The naira has
traded around 305.5 naira to the dollar on the official interbank market since
August, while it was quoted at 487 to the dollar on the parallel market on
Monday.
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