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Author Topic: Naira crashes to lowest rate ever, checkout new rate  (Read 61 times)

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Offline jchima14

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Naira crashes to lowest rate ever, checkout new rate
« on: August 27, 2016, 10:45:53 AM »

Nigeria’s currency Naira has crashed to its lowest level ever since the foreign exchange policy, trading at N412/$1 at parallel market on Friday, August 26.

The fall of the naira is coming shortly after the suspension of nine banks from the foreign exchange market, hence, making the greenback more difficult to get.
According to Reuters on account of local traders, some Bureau de change operators have been finding it difficult to access their forex account and get dollar supply after the central bank suspended nine commercial lenders from the market, putting further pressure on the local currency.

The banks were barred for hiding over $2.12 billion belonging to the Nigerian National Petroleum Corporation (NNPC) and failed to remit the funds into the Treasury Single Account, a claim some of them have denied.

The affected banks include; United Bank for Africa (UBA), Sterling Bank Plc, Sky Bank Plc, Keystone Bank, First City Monument Bank (FCMB), Heritage Bank, Fidelity Bank, Diamond Bank, First Bank.

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