The naira hit an all-time low of 409 against the dollar at the parallel market on Thursday, two days after the Central Bank of Nigeria banned nine Deposit Money Banks from the interbank foreign exchange market over their failure to remit $2.334bn to the Federal Government’s Treasury Single Account.

The naira, which closed at 402/dollar on Wednesday, was sold for 397 against the greenback on Tuesday.

Foreign exchange dealers said the demand pressure on the dollar, mounted by summer travelers and parents paying schools fees of their children studying overseas, had been exacerbated by the ban on the nine lenders.

http://www.certifiednaija.com/2016/08/forex-shortage-naira-hits-all-time-low.html