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Tuesday

26 January 2021

Central Bank of Nigeria Governor Decries the Use of Parallel Exchange Rate as Citizens Switch to Crypto | Emerging Markets Bitcoin News

Central Bank of Nigeria Governor Decries the Use of Parallel Exchange Rate as Citizens Switch to Crypto | Emerging Markets Bitcoin News


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The governor of the Central Bank of Nigeria (CBN) Godwin Emefiele says the embrace of the parallel market exchange rate by some professionals in that country is unfair and unfortunate.

The CBN governor says the parallel foreign exchange market only accounts for a share of the market that does not exceed 5%.

Describing the foreign exchange parallel market Emefiele says:.

Lamenting the apparent embrace and widespread use of the parallel market exchange rate, Emefiele repeats that it is unfortunate that “those who are supposed to know (are) trying to bend numbers in this country.”.

Meanwhile, in a move that seemingly contradicts its current stance on the foreign exchange parallel market, the CBN announced on November 30 that it is liberalizing the flow of cross border remittances

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