The naira was quoted at an all-time low of 409 per dollar on
the parallel market on Thursday, compared with 402 per dollar at close on the
previous day as dollar shortage bite harder in Africa's top crude producer.
Traders said the local currency fell due to increase demand
for the dollar which they are unable to match with weak supply and the impact
of the suspension of some commercial lenders from forex transaction by the
central bank on Tuesday, Reuters report.
The central bank suspended nine banks from forex
transactions on Tuesday for failing to remit money owed to the government, but
re-admitted one of them on Thursday after it remitted the fund.
Source: Reuters
Source: Reuters
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