Anxiety As Naira Falls N250 To Dollar. TrendyVoice

3 August 2015

Anxiety As Naira Falls N250 To Dollar.

Fears were heightened at the weekend that the economy may be heading for a cataclysmic crash as the Naira fell to an
all-time low of between N250 and N265 to a dollar at the black market.

The official market rate on the website of the Central
Bank of Nigeria (CBN) was, however, N197 to the
American currency.
The apex bank put the inflation rate at 9.2, the
Monetary Policy Rate (MPR) at 13 and crude oil price
at $54.76 per barrel.

The wide disparity between the official rate and what
obtains in the black market in an incentive to
financial institutions to engage in round-tripping,
according to financial experts who spoke with Daily
Times at the weekend.
If the trend continues, the government have to be left
with no choice but to further devalue the Naira.

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