The naira dropped to 402 at the market on Wednesday, a day after the Central Bank of Nigeria (CBN) placed ban on 9 banks from the forex market over their inability to transmit $2.334bn to the Federal Government's Treasury Single Account domiciled with the Central Bank of Nigeria.
The national currency closed at 397 to 1 dollar on Tuesday.
At the interbank market, the naira shut down at
315.93/dollar, which is lower than 305.5 that was recorded on Tuesday.
The naira, which depreciated at a new record low following the
CBN decision to float the money on the official interbank market in June,
initially moved 400 to 1 dollar at the black market this month.
Meanwhile, brokers said that the CBN sold dollars on
Thursday and Friday. It additionally sold about N236bn ($776m) of open business
sector operations treasury bills on Thursday, which sent the banking system
into a shortfall of around N39bn on Friday.
Merchants said interbank rates ought to expedite this week
when a portion of July's spending allotment ought to enter the banking system.
The Federal Government appropriates income from unrefined crude
each month among its 36 states, local and federal administrations.
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