December 20, 2016 / 11:40 AM / 7 months ago

Nigeria's finance minister says central bank will eliminate forex black market

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ABUJA, Dec 20 (Reuters) - Nigeria's finance minister said on Tuesday the central bank would eliminate the hard currency black market where the naira trades about 40 percent weaker against the dollar than the official rate.

The central bank (CBN) "has been directed to do this and CBN has promised to do something by putting a system in place to eliminate the black market because it's damaging the economy," Kemi Adeosun told a conference. (Reporting by Felix Onuah; Writing by Ulf Laessing; Editing by Andrew Heavens)

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