Anxiety As Naira Falls N250 To Dollar - Daily Times - Business -

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 be left with no choice but to further devalue the Naira.