She said the CBN has been mandated to scrap the underground market where persistent speculations by the operators have seen the value of the Naira vary significantly between the official rates and the black market rates.
The central bank “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”, Adeosun said.
It remains to be seen how government intends to approach the challenge as the forex black market has been a stubborn feature of Nigeria’s financial system where traders earn robust margins through speculations.
