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Published On: Thu, Aug 25th, 2016

Naira Slumps Further, Now N400 to One Dollar

LAGOS AUGUST 25TH (URHOBOTODAY)-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 dollars funds of the Nigerian National Petroleum Corporation (NNPC) to the Treasury Single Account (TSA)

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