The naira fell to a new
low of 414 against the United States dollar on Sunday amid the continued
scarcity of foreign exchange in the country, with economic experts predicting
further pressure in the forex market this week.
The development came five days after the
Central Bank of Nigeria had banned nine commercial banks from the forex market
for failing to remit the Nigerian National Petroleum Corporation’s $2.334bn
into the Treasury Single Account in line with President Muhammadu Buhari’s
directive last September.
The naira was sold for 414/dollar across some
black market segments in Lagos and Abuja on Sunday. It hit an all-time low of
412 against the greenback at the parallel market on Friday, after closing at
409/dollar on Thursday.
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