CBN says black market is illegal

The Central Bank of Nigeria Friday said it only recognizes the importers and exporters window in the FX market.

The apex bank at the MPC in Abuja said the black market is illegal.

The CBN also disclosed that Aboki FX is being investigated for illegal FX transactions and speculative rates.

The monetary policy committee of the Central Bank of Nigeria (CBN) also announced its decision to maintain the monetary policy rate (MPR), which measures interest rate, at 11.5 percent.

CBN Governor Emefiele said the committee unanimously voted to maintain the key lending rate at 11.5 percent, with the asymmetric corridor of +100 and -700 basis points around the MPR.

Black Market CBN