According to a report by Daily Times, the Naira-Dollar exchange rate now ranges between N250 – N265 to $1.
The report further states:
The official market rate on the website of the Central Bank of Nigeria (CBN) was, however, N197 to the American currency.
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 be left with no choice but to further devalue the Naira.
Photo Credit: Daily Times