Breaking: Buhari places ban on Forex black market
N383/N385 (updated 22.4.17:close)
buying/selling naira exchange rates per USD
December 21, 2016

Breaking: Buhari places ban on Forex black market

Breaking: Buhari places ban on Forex black market

The President Muhammadu Buhari-led Federal Government has given marching orders to Nigeria’s apex bank, CBN, to eliminate the parallel market better known as the black market from trading of dollars and other foreign exchange.

According to Finance minister Kemi Adeosun, this is because, the black market does more harm than good to naira’s exchange rates.
 
Speaking on Tuesday, the former Ogun State commissioner for Finance added:

“The CBN has promised to do something by putting a system in place to eliminate the black market because it is damaging the economy.”

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