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Naira sinks to N409/$ on parallel market

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

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