Naira crosses 400/$ mark at parallel market after FX ban on 9 banks

The naira crossed the 400-per-dollar mark on Wednesday to trade at 402 to the foreign currency at the parallel market.

The naira, which traded around 396/$1 on Tuesday, depreciated rapidly on Wednesday after the ban of nine banks from all foreign exchange markets in the country.

The interbank market closed at N305 to the dollar on Tuesday, but is currently trading at N335 at the interbank market.

On Tuesday, it became public knowledge, that the Central Bank of Nigeria (CBN) had banned nine deposit money banks from the foreign exchange markets.

The banks were prohibited from the forex markets for hiding over $2.1 billion belonging to the Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA).

-Thecable