Naira-Dollar Exchange Rate Now N250 to $1 In Black Market.

Doolar-Naira

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.

Call : 08147650265 or +2348147650265

email us on : aeroberrycompany@gmail.com

Join others in the discussion, tell us what you think, drop your comments, we are waiting and listening.

Please drop your comments here.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

error: Content is protected !!