CBN Sends Urgent Message to Dealers as Naira Nears N2,000/$ in Black Market [Video]

• CBN said there will be repercussions for authorised dealers who abuse the foreign exchange (FX) system
• The CBN governor pledged that the bank would implement measures to promote market efficiency
• He warned that traders who were abusing the FX system would be subject to more severe sanctions from the regulator

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

Authorised dealers who take advantage of the foreign exchange (FX) system will face consequences, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), has said.

Cardoso promised that the bank would put policies in place that support market efficiency during his remarks at the Nigeria Development Update (NDU) report launch in Abuja on Thursday.

He issued a warning, saying that traders found to be misusing the FX …