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According to new reports by The Daily Times, the Naira-Dollar exchange rate has now hit an all-time low of between N250 and N265 to $1 in the black market.
Despite these numbers, the official market rate on the website of the Central Bank of Nigeria (CBN) is N197 to the American currency.
CBN put the inflation rate at 9.2, the Monetary Policy Rate (MPR) at 13 and crude oil price at $54.76 per barrel.
According to financial experts who spoke to The Daily Times reporters, “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”. If the trend continues, the government would be left with no choice but to further devalue the Naira.