Naira Hits A New Low, Slips To 409/Dollar

The Nigerian currency, naira, has slipped further to hit a new all time low value of 409 per dollar in the parallel market on Thursday.

The naira which closed at 397 to a dollar on Tuesday slid to 402 per dollar on Wednesday at the close of business after the ban of nine banks by the Central Bank of Nigeria from the interbank foreign exchange market.

The ban of the nine banks by the apex bank was due to their failure to remit the sum of $2.334bn to the Federal Government’s Treasury Single Account.

Speaking on the further slip of the naira against the greenback, Foreign exchange dealers cited the summer travelers and parents’ payment of tuition of their wards studying oversees as factors which has put more demand pressure on the dollar.

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