Black Market for Forex would collapse soon - Finance Minister, Kemi Adeosun

The Minister of Finance, Kemi Adeosun has said that the black market, where most Nigerians buy and sell forex, will collapse soon.  Here is Mrs Adeosun on record:

'On effect of the Treasury Single Account ,TSA, Minister of Finance argued that though the effect in the short term was bad, “but in the long run, it is going to benefit the economy,” noting that it was also an opportunity for the commercial banks to do the real business of banking.'She informed lawmakers that:

“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….. 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.

She continues...

“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.”