August 29, 2016

Naira In Free Fall; Now 414 To A Ddollar

Nigeria's currency is still taking heat. The Naira fell to a new low of 414 against US dollar on Sunday amid the continued scarcity of foreign exchange in the country, with economic experts predicting further pressure in the forex market this week.

The development came days after the CBN had banned nine commercial banks from the forex market for failing to remit the NNPC's $2.334bn into the TSA in line with official directives.

The naira was sold for 414/dollar across some black market segments in Lagos and Abuja on Sunday.