JUST IN: Naira crashes to N420/$1 at parallel market

Nigeria’s currency, Naira has dropped two points to slip to an all-time-low rate of N420/$1 at the parallel market, this afternoon, August 31.

According to a Lagos Bureau De Change operator in Lagos, the Naira slipped further down to trade at N420/$1 against the

N418/$1 it was on Tuesday, August 30.

Dollar to naira

The local currency started the new week at N414 against the greenback at the parallel market on Monday,

Bureau de change operators have been finding it difficult to access their forex account and get dollar supply, after the central bank suspended nine commercial lenders from the market last week.

The CBN banned nine commercial banks from the forex market for failing to remit the Nigerian National Petroleum Corporation’s $2.334bn into the Treasury Single Account, in line with President Muhammadu Buhari’s directive last September.