Naira hits 423 to a dollar at parallel market

The naira on Wednesday, August 31, 2016, traded at 423 to a dollar at the black market from 408 the previous day.

Traders attributed the sharp decline of the local currency to the inability of the banks to sell the hard currencies to the Bureau de Change operators at the time when the demand for settlement of schools fees is high.

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Meanwhile, the Central Bank of Nigeria (CBN) has lifted the Foreign Exchange (FOREX) ban placed on nine banks over breach in remittances to the Treasury Single Account (TSA).

Since the suspension of the 9 banks last week from the forex trading by the CBN, the value of naira keeps depreciating on daily basis.

The nine affected banks are United Bank for Africa (UBA) -$530m; First Bank of Nigeria (FBN)- $469m; Diamond Bank Plc-$287m; Sterling Bank Plc-$269m; Skye Bank Plc -$221m; Fidelity Bank -$209m; Keystone Bank- $139; First City Monument Bank (FCMB) -$125m; and Heritage Bank-$85m.

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