Business Why Nigeria's Black Market Will Collapse Soon- Finance Minister Adeosun



Nigeria's Finance Minister Kemi Adeosun is confident that the country's black market, where dollar is most expensive, will soon collapse.

Speaking in Abuja on Monday, she said the market had no backbone.

"The black market would soon collapse because it is not driven by any fundamentals and is a very misleading market. The craze for dollars is not driven by any rational consideration and it will soon collapse," she said.

According to her, the nation’s currency is valued at between N305 and N315 but the unnecessary demand for dollar was pushing people to buy it at higher rates.

“We are dealing with a shortage of dollars but the Central Bank of Nigeria, CBN, has put in place measures to stimulate more supply of dollars.”


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