Naira appreciates to N315.93 after an unbelieveable tumble

Reports have it that yesterday, The Naira appreciated by 3.52 percent to close at N315.93 to a dollar at the interbank market.

However , the naira which had been suffering a steady decline against the dollar, had earlier yesterday depreciated at the parallel market to trade at N402 per dollar, weaker than the N397 it traded at it;s previous session .

The sudden drop was said to have occurred as the Central Bank of Nigeria 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 CBN.

The inter-bank market yesterday witnessed no trading until about three minutes before the end of the session , when the Central Bank which has been reducing it’s dollar sales intervened. According to traders deals worth $0.75million were traded at N305.50 per dollar.

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