This is the expected outcome of the misguided policies of the CBN which is trying to keep our currency’s value by burning our reserves while keeping the very policy that feeds the black market: the banning of the 41 items. It’s like treating a typhoid fever patient with Panadol: the fever will subside but the cause of the fever remains. And it will come back with a vengeance. Besides, no foreign investor will show any interest with a multiple exchange rate, including one for hajj pilgrims at half price of the black market rate.
I am just counting the days left for this government to leave the reins to someone who knows what to do! Emefiele will faithfully follow whatever directives he is given.