The naira was quoted at 216 on the parallel market on Monday, a sharp rise from 240 a week ago, as Nigerian commercial banks stopped accepting cash deposits in dollars, traders said.

The naira closed at 225 on the parallel market on Friday, traders said. On the official interbank market, it traded near the central bank’s pegged rate of 197.

READ ALSO  Police shut down 4,500 websites selling fake products

“Banks are rejecting dollar deposits … they are not able to transfer excess liquidity to their correspondent banks abroad which is restricting importers from using domiciliary accounts,” said Aminu Gwadabe, president of Nigeria’s Bureau de Change association.

READ ALSO  Appeal Court reinstates Jegede as PDP guber candidate