The naira hit an
all-time low of 409 against the dollar at the parallel market on Thursday; two
days after the Central Bank of Nigeria banned nine Deposit Money Banks from the
interbank foreign exchange market over their failure to remit $2.334bn to the
Federal Government’s Treasury Single Account.
The naira, which closed at 402/dollar on
Wednesday, was sold for 397 against the greenback on Tuesday.
Foreign exchange dealers said the demand
pressure on the dollar, mounted by summer travelers and parents paying schools
fees of their children studying overseas, had been exacerbated by the ban on
the nine lenders.
The currency dealers said the local currency fell due to
increased demand for the dollar.
-Punch
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