The economy shouldn't be smiling on Nigerians. The naira tumbled extra to 402 at the parallel market on Wednesday, a day after the CBN banned 9 banks from the foreign exchange market over failure to remit $2.334bn to FG's Treasury Single Account domiciled with the central financial institution of Nigeria.
The neighborhood foreign money had closed at 397/greenback on Tuesday.
At the interbank market, the naira closed at 315.93/dollar, scale back than 305.5 it recorded on Tuesday.
The naira, which hit a contemporary file low when you consider that the CBN floated the foreign money on the authentic interbank market in June, first touched 400/dollar at the black market this month.
On the interbank market on Wednesday, no trades had been posted until three minutes earlier than the top of the session, when the CBN which has been lowering its greenback earnings, intervened, Reuters reports.
Best three offers valued at $zero.75m have been traded at 305.50 per greenback, a level the market has closed at due to the fact Monday. Also, the naira had hit an all-time low of 365.25 per buck on the interbank on Thursday.
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