Wednesday, December 21, 2016

Naira Crashes Further As Buhari, CBN Plan To Eliminate Black Market

Nigerian naira on Wednesday crashed further at the parallel market as President Muhammadu Buhari, the Central bank of Nigeria plan to eliminate the gap in the exchange rate against the dollar between the official and black markets, Nigerian Bulletin gathered.

The currency plunged to 492 naira to a dollar from N490 it traded on Monday at the black market segment.

It remained flat against the pound at N605 and appreciated by N5 to 505 to the Euro at the same market.

Meanwhile, the currency fell by N.25 at the official forex market to 305.25 to the dollar.

The Minister of Finance, Mrs. Kemi Adeosun on Tuesday while speaking during an economic conference in Abuja said the: “CBN has promised to do something by putting a system in place to eliminate the black market because it was damaging the economy after direction from President Muhammdu Buhari-led federal government.”

The CBN’s Acting Director, Corporate Communications, Mr. Isaac Okorafor, said the Apex Bank was working towards “ensuring that the forex market operates as effectively as we would envisage”.

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