The naira has fallen to an all-time low by exchanging at N418 to
the dollar on Tuesday evening at the parallel market, while the euro and
pound exchanged at N461 and N533 respectively.
According to information provided by AbokiFx,
this is the worst the naira has recorded since this year. The fall of
the naira has seen business collapse and hardship increase in the
country.
Source: abokifx.com
The scarcity of forex has forced businesses to close down as many
have complained of the difficulty and expenses incurred looking for
dollars to purchase materials for business.
The Central Bank of Nigeria (CBN) on Tueday barred nine banks from participating in the forex market for not remitting a total of $2.334 billion Nigerian National Petroleum
Corporation (NNPC)/Nigerian Liquefied Natural Gas (NLNG) Company dollar
deposits to the federal government’s Treasury Single Account (TSA). The
ban has also caused friction to the market as many people find it
difficult to get forex from the banned banks.
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