CBN to eliminate forex black market

Nigeria's finance minister, Mrs Kemi Adeosun has assured that the Central Bank of Nigeria (CBN) will completely eliminate black market Bureau De Change operators.

Adeosun made the disclosure at the Special Town Hall Meeting for youths organised by the ministry of information and culture at the Presidential Villa, Abuja today, December 20.

Her words: ''CBN has promised to do something by putting a system in place to eliminate the black market because it's damaging the economy.''

A month ago, the Department of State Security (DSS) began a clampdown on unlicensed operators of BDCs selling foreign currencies above the official rate.

Illegal operators in Lagos, Abuja and Kano have so far been whisked away by operatives of the secret police acting on the orders of the federal government.

A few days after the operation, the naira strengthened against the dollar prompting calls for the DSS to intensify its operations.

Meanwhile, the CBN has urged the DSS to continue the raids, adding that Nigeria's laws forbids trafficking in currency.