Naira dips further against dollar over sanctions against banks
(Nigeria) The Naira on Wednesday dipped further against the dollar at the parallel market.
The Nigerian currency exchanged at about N400 on Wednesday
afternoon, from N397 it closed on Tuesday, while it traded against the Pound
Sterling and the Euro at N515 and N450 respectively.
At the Bureau De Change, BDC, segment of the market, the
naira traded at N397, N513 and N443 against the dollar, Pound Sterling and the
Euro respectively.
At the interbank segment of the market, the naira
appreciated against the dollar as it closed at N315.93 from N335.25 posted on
Tuesday.
Traders at the market said that the ban of nine banks from
the sale of Forex by the Central Bank of Nigeria, CBN, was already deepening
the scarcity of Forex at the market.
A financial expert, Mr Harrison Owoh, while corroborating
the views above, expressed the hope that the situation would improve as the CBN
was handling the matter with all the seriousness it deserved.
Owoh explained that the news of the ban of nine banks from
Forex sales had stifled the flow of Forex at the market.
The CBN had wielded its hammers on the banks for failing to
remit $2.274 billion funds of the Nigerian National Petroleum
Corporation, NNPC, to the Treasury Single Account, TSA.
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