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Naira dives to 414 against dollar

Naira-Dollar

Nigeria currency naira has further fallen to a new low with 414 against U.S. dollar, even as foreign currency is scarce in the country.

Economic experts says there would be more pressure on the forex market which will lead to further fall of the country’s currency.

This is also not unconnected with the banning of nine commercial banks from operating in the forex market, after the Central Bank of Nigeria indicted them for not remitting the sum of $2.334bn of Nigerian National Petroleum Corporation into the Treasury Single Account as directed by President Muhammadu Buhari.

This leaves few commercial banks to operate in the foreign currency market.

 

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