January 23, 2021

Dambela

Dambela Blog

CBN plans to break the influence of black market

2 min read

The Central Bank of Nigeria under the leadership of Godwin Emiefele has brought out new policies that will regulate foreign currencies remittance into the country through various means which is expected to be flexible as it is determined to relax some policies surrounding foreign exchange in the country.

Godwin Emefiele, Governor of Central Bank of Nigeria

One of such policy to be relaxed is the withdrawal of foreign currency by the beneficiaries of foreign remittances. This is aimed to liberalise the foreign exchange market and to weaken the strong influence of the parallel market otherwise known as black market, which has been growing strong of late as there seems to be a wide margin between the official rate and the parallel market rate.

This was made known yesterday by the apex bank and more policies are expected to be rolled out including transfers of inflows, withdrawal of inflows, remittance of inflows via western union,moneygram and other international transfers agencies.

It would be recalled that the governor of the Central Bank Of Nigeria has been speaking and condemning the sharp practices of some Bureau de Change since last week and stating that the black market cannot be used as the basis or yardstick to determine the exchange rate in Nigeria.

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