BREAKING: Naira suffers big tumble against dollar

Nigeria’s currency, Naira has dropped four points to slip to an all-time-low rate of N418/$1 at the parallel market, this afternoon, August 30.

The local currency started the new week at N414 against the greenback at the parallel market on Monday, after closing at 412/dollar on Friday, August 26.

But according to a Lagos Bureau De Change operator in Lagos, the Naira has slipped further down to trade at N418/$1.

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The local currency trader in a telephone chat with NAIJ.com’s reporter, described the new rate as “totally unacceptable”.

The continuous fall of the local currency comes amid the constant scarcity of foreign exchange in the country.

NAIJ.com recalls that some economic experts predicted that the naira might hit a low of 420 to the dollar this week, if there is further pressure on the local currency.

It was gathered that 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 last week.

The CBN 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 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. The local currency had hit an all-time low of 412 against the greenback at the parallel market on Friday, August 26, after closing at 409/dollar on Thursday, August 25.

Meanwhile, you can check out NAIJ.com’s bureau de change ‘market’ here for the best rates on foreign exchange.

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