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Panic as Naira Hits All Time Low Against the Dollar...Latest Value Will Shock You

Posted by Thandiubani on Tue 30th Aug, 2016 - tori.ng

The naira has crashed badly against the dollar as it reached an all-time low leaving many Nigerians in serious shock.

The naira has fallen to an all-time low by exchanging at N418 to the dollar on Tuesday evening at the parallel market, while the euro and pound exchanged at N461 and N533 respectively.

According to information provided by AbokiFx, this is the worst the naira has recorded since this year. The fall of the naira has seen business collapse and hardship increase in the country.

Source: abokifx.com

The scarcity of forex has forced businesses to close down as many have complained of the difficulty and expenses incurred looking for dollars to purchase materials for business.

The Central Bank of Nigeria (CBN) on Tuesday barred nine banks from participating in the forex market for not remitting a total of $2.334 billion Nigerian National Petroleum Corporation (NNPC)/Nigerian Liquefied Natural Gas (NLNG) Company dollar deposits to the federal government’s Treasury Single Account (TSA). The ban has also caused friction to the market as many people find it difficult to get forex from the banned banks.