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Why you should not worry about black market rates anymore

Godwin Emefiele

Still worried about the rate of dollars, euros and pounds in the black market? Don’t waste your energy as that section of the forex market is taking a beating it may never recover from.

In the last five weeks, the Central Bank of Nigeria has relentlessly pumped billions of dollars into the market and expanded access to forex for travellers, students in universities abroad and those seeking medicare around the world.
What’s more, genuine entrepreneurs with forex needs easily access international currencies at reasonable rates.
And now speculators who exploited the ineptitude of those management our economy are crying, losing huge sums as Naira gains.
Governor of CBN, Godwin Emefiele stated:“I am happy, indeed very gratified that those interventions have proved very positive. We’ve seen the rates converging and we are strongly optimistic that the rates will converge further,” he had said.

“The fact that we have done this consistently for almost four to five weeks should tell everybody or those who doubt the strength of central bank to sustain this policy that they are taking a risk and they will lose in this bid to want to place a wrong bet on the direction that we are going.

“The direction is that there is a determination to see to the convergence of those rates and with what we have seen so far, we are very optimistic that those rates will converge.

“It is a programme and I am happy to say that the program is looking good, in fact beyond our expectation and those who remain on the sideline doubting the level of CBN’s ability to sustain this policy are on the wrong side of the bet.”

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