The naira crossed the 400-per-dollar mark on Wednesday to trade at 402 to the foreign currency at the parallel market.

The naira, which traded around 396/$1 on Tuesday, depreciated rapidly on Wednesday after the ban of nine banks from all foreign exchange markets in the country.

The interbank market closed at N305 to the dollar on Tuesday, but is currently trading at N335 at the interbank market.

On Tuesday, it became public knowledge, that the Central Bank of Nigeria(CBN) had banned nine deposit money banks from the foreign exchange markets.

The banks were prohibited from the forex markets for hiding over $2.1 billion belonging to the Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA).Baba Ibrahim, a bureau de change (BDC) operator, who spoke to TheCable, said the market was reacting to the information.

“The market no good,” he said. “We are now buying dollars at 400, and selling at 402. Pounds is selling at 520 today, from about 507 yesterday. The barred banks may not sell to us.”

The CBN had said anyone who defaults either the TSA guidelines, or the forex market guideline would pay for it.

“The CBN may take action against any FXPD that fails to comply with the standards set forth in these Guidelines. Such action will vary depending upon the type of non-compliance, but may range, for instance, from fines, suspension from any or all FX operations for a period of time to termination as an FXPD,” CBN had said.

https://www.thecable.ng/naira-crosses-400-mark-at-parallel-market-after-fx-ban-on-9-banks?_e_pi_=7%2CPAGE_ID10%2C3801736837

This is what happens when the govt is so clueless and myopic to foresee and evaluate the future effects of their decisions.

meanwhile, we are still waiting for the Yuan deal.

Are we heading to equate Zimbabwe dollars? Those that voted for change how far ?

Were there no other ways to compel those banks to remit order than this ban? It has now added pressure for FX on the other remaining banks who have not been faring well!
A step forward and two backward won't do us good in this country!

Angelparadise:
Are we heading to equate Zimbabwe dollars? Those that voted for change how far ?

they may soon invade this thread to blame Jonathan for the repercussions of Buhari's unfavourable economic decisions.

it is well

Angelparadise:
Are we heading to equate Zimbabwe dollars? Those that voted for change how far ?

...it seems that you people have short memory I warn and insit os simply removed of Godwin Emefiele and it's not go well for you people?
after several warning I take you to the nearest countries surrounding Nigeria the Cfa zones, to make you reason on how the monetary system is manage! but who listened?
Nigerian keep managing your Emefiele action on Naira!
here is one of my warning:https://www.nairaland.com/3306047/godwin-emefiele-clueless-must-sacked#48737994

here is the conversion of fcfa to Naira and the equivalent of it's denomination to Naira, you see the difference:
Coins:
50k=1fcfa
50kx5= 250k =N2.50k
50kx10=500k=N5.00k..............Nigeria currency Note
50kx25=1250k=N12.50k
50x50=2500k=N25.00k
50kx100=5000k=N50.00k..........Nigeria currency Note
50kx200=10000k=N100.00k.......Nigeria currency Note
50kx500=25000k=N250.00k
Fcfa currency Notes:
50kx1000=50000k=N500.00k.....Nigeria currency Note
50kx2000=100000k=N1000.00k..Nigeria currency Note
50kx5000=250000k=N2500.00k
50kx10000=500000k=N5000.00k
What a consumer(buyer) will protect on an economy like our, where is the money in the market that the buyer will protect! and when the money didn't have saver it will lead to what!.....not inflation?

Dear nairalanders, today is my birthday...
Kindly vote for me to get to the next stage of Maltina DanceAll by liking my dance video here:
http://maltinadanceall.tv/entries/1471635061

Thanks

Things are getting worse day by day.... Courtesy of Dullard and his economic gang

Hmm...

Anyone transacting in dollars and earning in naira is doomed. Number of people travelling abroad for holidays has reduced. Those schooling abroad are considering withdrawing. Those planning to school have to reconsider. The business men are scared of putting their money because of the many changes in our forex policies which this administration admits to be a gamble. How can u be gambling with the lives of over 120 million people? Mtcheeeeeeew

ok

forseen!

I Don't blame Buhari rather I blame those that brought this curse upon us.

Sai Buhari
I'm voting President Buhari for live Presidency

Hahahaha hahaha hahaha.... Government of trial and error . Common sense should have let the FG know that blocking those commercial banks from selling foreign currencies would increase the pressure on the bureau d change to satisfy foreign currency needs which will invariably increase the rate.

Another way to sound it in the ears of these amateurs is that scarcity of dollars has made the black marketers to exercise monopoly of foreign exchange supply

blueto:

The banks were prohibited from the forex markets for hiding over $2.1 billion belonging to the Nigerian National Petroleum Corporation (NNPC) from the Treasury Single Account (TSA)

The banks violated the TSA agreement and they should be made to face the wrath of the law. The price hike is the price the government will have to pay for doing the right thing and I think it is worth it. They will learn to take Nigeria serious next time; THE ERA OF IMPUNITY IS OVER.

chai

Omenk4 and other irredeemable zombies will still figure out how to exonerate the silly, uneducated idiat of a dullardh from this.

Sai Baba,
we are solidly behind you

Hmmm

Pressing on to 500

Useless Government

Going to N500

Huh, Naira always on the move... abeg when will things be stable in this country?

The Only constant has always been anti-mass and anti-social policies in this government.


Asusu Igbo ga-adiriri

www.odeniigbo.com

CHANGE..

DrayZee:
Pressing on to 500

Useless Government

...or useless Emefiele?

The Naira/economy continue to nosedive with no sign of recovery. It is well.