CHENKE!!! NAIRA SUFFERED SET BACK, TRADED N415/ USD1

The persisting controversy between (CBN) Central Bank of Nigeria, and eight banks prohibited from taken part in the inter-bank foreign exchange market, has yield the Naira to suffered set back, depreciating to N415 - USD1 yesterday in the parallel market.


this incident bringing weekly loss to N20 per Dollar, then the inter-bank remark moderate stability of trading at N315 - USD1 ater which it depreciated to N316.

The changes resulted on the incapacity of eight out of nine banks prohibited from inter-bank failed to settle the issues with apex bank and the Nigerian National Petroleum Corporation (NNPC).

The affected banks are;
First Bank of Nigeria Plc
FCMB Plc
Diamond Bank Plc
Skye Bank Plc
Heritage Bank Limited
Keystone Bank Limited
Fidelity Bank Plc
Sterling Bank Plc.

Though CBN still insist on the returning of the NNPC foreign exchange deposits to the Single Treasury Account before would be allowed to returnt to the market. Consequently, pressures continued to build against the Naira exchange rate with the local currency depreciating against all major international curren-cies at the weekend.