Reuters is reporting that the CBN has said that it will eliminate the black market. As usual, they did not explain how and when this will happen.
Here is an excerpt of the article;
Nigeria’s central bank will try to eliminate the currency black market, where the naira trades about 40 percent below the official rate against the dollar, Nigeria’s finance minister said on Tuesday.
The central bank (CBN) “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”, Finance Minister Kemi Adeosun told a conference.
A CBN spokesman, Isaac Okorafor, said the central bank was working towards “ensuring that the forex market operates as effectively as we would envisage”.
He said the aim was to “ensure there is no black market” but did not give details of how this would be achieved.