Let me be unequivocal. .
The CBN interbank market has failed…
This use of the secret police to set and enforce the exchange rate of a Nation is quite simply unbelievable.
The signal sent is this, we are in a centrally planned not a market driven economy.
I fear the parallel market will now become a black market…and the economy especially those imports item on the 44 list of exclusive list will see their fortunes fall and drag the economy down.
What to do?
Diversify, both in currency and domicile of residence of currency. To be specific to non bank domicile.
(photocredit: Doha Bank)
