The President of Bureau De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe has hailed the newly proposed abolition of the parallel market.

“The scrapping of multiple markets outside the purview of the CBN will be a welcome development.

“The existence of multiple rates is highly unacceptable,’’ Gwadabe said.

The Minister of Finance, Mrs. Kemi Adeosun on Tuesday while speaking during an economic conference in Abuja said the CBN has promised to do something by putting a system in place to eliminate the black market because it was damaging the economy after direction from President Muhammdu Buhari-led federal government.

The CBN’s Acting Director, Corporate Communications, Mr. Isaac Okorafor, said the Apex Bank was working towards “ensuring that the forex market operates as effectively as we would envisage”.