December 16, 2015 (SSB) — As of today, the official rate is stubbornly stuck at 18ssp per dollar; black market rate has comfortably rocketed to 30ssp per dollar. You may as well called this the free floating of the pound Junubeen style.
So what is going on? Simply put, there are no dollars at the central bank, commercial banks, readily available to be exchanged at will and on time; thus, the ghost of the black market is slowly but surely coming back to life.
Until this auctioning process is done–and done right and timely–the black market will continue to haunt the nation. And until more auctioning rituals –monthly or biweekly–are institutionalized and adhered to, it would be hard to keep up with the forces of demand and supply for the dollar versus the pound, a failure of which would tantamount to the resumption, albeit, continued existence of parallel black market that would continue to provide dollars to citizens on time and at will.