Naira Plunges Further, Now N400 To One Dollar

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The Naira on Wednesday dipped further against the dollar at the parallel market.
The Nigerian currency exchanged at about N400 on Wednesday afternoon, from N397 it closed on Tuesday; while it traded against the Pound Sterling and the Euro at N515 and N450 respectively.

At the Bureau De Change (BDC) segment of the market, the naira traded at N397, N513 and N443 against the dollar, Pound Sterling and the Euro respectively.
At the interbank segment of the market, the naira appreciated against the dollar as it closed at N315.93 from N335.25 posted on Tuesday.

Traders at the market said that the ban of nine banks from the sale of Forex by the Central Bank of Nigeria (CBN) was already deepening the scarcity of Forex at the market.

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