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.

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