Nigeria’s currency slumps further, sells at N402 against dollar

Nigerian naira experienced a further slump against the dollar at the parallel market on Wednesday selling at N402 against the dollar.

Naira had closed at N397 per dollar on Tuesday, meaning that the dollar gained a whopping N5 on the day.

Whereas, at the interbank market the naira closed at N315.93 per dollar. It was N305.5 the previous day.

This is coming a day after the big hammer from CBN fell on some nine banks for policy infractions.

NEWSVERGE recall that the apex bank had on Tuesday banned nine banks from the foreign exchange market for failing to remit $2.334bn to the Federal Government’s Treasury Single Account domiciled with the Central Bank of Nigeria.

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The continued slide in naira has given rise to inflation with cost of goods soaring at an alarming rate. Inflation has since been on the increase in an economy facing recession.