Unfortunately having a "whites only" graduation is not the same thing. This is because, despite many years of efforts and struggle, the black population is not equal, due to the lingering consequences of past severe racist discrimination, and less subtle racism that exists today. That is what this ceremony is about, acknowledging that for black students getting into university and graduating still poses more challenges than for other non marginalized groups. As one of the whitest guys around, I've got no problem with that at all, nor do I feel slighted or discriminated against. I know that I've benefited way more As a consequence of the race I was born into, than the "negative" effect that a "black only" graduation would have on me.
it's been 50 years since segregation ended. there is no more excuses.