Naira tumbles to 402 on dollar scarcity.

The Naira tumbled to 402 against the dollar at the parallel market on Wednesday, a day after the Central Bank of Nigeria banned nine banks from the foreign exchange market for failing to remit $2.334bn to the Federal Government’s Treasury Single Account domiciled with the Central Bank of Nigeria.

The local currency had closed at 397/dollar on Tuesday.

At the interbank market, the naira closed at 315.93/dollar, lower than 305.5 it recorded on Tuesday.

The slide being witnessed by the naira has caused costs to soar with the inflation rate hitting an 11-year high at 16.5% in June.

More to follow…

Read more at - http://www.armanikedu.blogspot.com