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FG Directs CBN to Scrap Forex Black Market

By Modupe Gbadeyanka

Central Bank of Nigeria (CBN) has been directed by the Federal Government to ensure that the black market segment of the foreign exchange market is scrapped.

This information was revealed at a press briefing on Tuesday by the Minister of Finance, Mrs Kemi Adeosun.

The Minister said the market segment was damaging the country’s economy and that something has to be done to put a stop to this.

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“The central bank (CBN) has been directed to do this (scrap black market) and CBN has promised to do something by putting a system in place to eliminate the black market because it’s damaging the economy,” Mrs Adeosun said at the briefing.

Recently, the Nigerian government unleashed officials of the Department for State Services (DSS) on hawkers of forex on the streets. During the raids, several operators were arrested in Lagos, Kano and Abuja.

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Presently at the black market, the Naira exchanges for about 40 percent weaker against the Dollar than the official rate.

Activities of security operatives on the black market operators have pushed the Dollar stronger against the Naira due to shortage of the foreign currency.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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