THE "NAIRA" PROBLEM

Abuja - The Nigerian currency, naira, has
slipped further to hit a new all time low value
of 409 per dollar in the parallel market on
Thursday.
The naira which closed at 397 to a dollar on
Tuesday slid to 402 per dollar on Wednesday
at the close of business following the ban of
nine banks by the Central Bank of Nigeria from
the interbank foreign exchange market.
Also read: Naira slips further to N352/dollar
The ban of the nine banks by the apex bank
was due to their failure to remit the sum of
$2.334bn to the Federal Government’s
Treasury Single Account.
Speaking on the further slip of the naira
against the greenback, Foreign exchange
dealers cited the summer travelers and
parents’ payment of tuition of their wards
studying oversees as factors which has put
more demand pressure on the dollar.


Source: news24
Edited by DANIEL IKECHUKWU EKWUNIFE