Nigeria is planning to broaden the official currency market to include “legitimate” participants such as bureaux de change and financial technology companies, Taiwo Oyedele, a member of President Bola Tinubu’s committee on fiscal policy and tax reforms, has said. Oyedele, who spoke at the Nigerian Economic Summit on Oct. 23, revealed that the government is also considering making it illegal to trade on the foreign currency parallel market.
The comments by Oyedele, who chairs the reforms committee, came on the same day when the local currency plunged to a low versus the U.S. dollar on the parallel market. According to a Bloomberg report, the Nigerian currency fell to 1,215 naira for every dollar on the parallel market. On the same day, the dollar-to-naira exchange rate on the official market stood at 1:795.
The naira’s latest slide versus major currencies came just a few weeks after the Central Bank of Nigeria (CBN) removed import restrictions on 43 items. As reported by Bitcoin.com News, the Nigerian central bank hoped the removal of the restrictions would slow down the naira’s depreciation on the parallel market.
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HI @nejoja
hope you doing well. We have some restrictive rules on our Steemit platform. You must follow those rules. Copying this post of yours from somewhere else is a violation of our Steemit platform rules. To be a real blogger you must use your creativity. Your content is totally copied from another source. You have to mention or give the link from where you copied content. Otherwise, it will be considered as plagiarism. Also you only can 25% (of course have to mention the source ) of the rewritten article from somewhere else and the remaining 75% have to write on your own. Hope you will try to follow our Steemits rules from now on.
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