Nigerian Naira selling officially at 210 Naira to a Dollar on February 16, 2015 marking a new record low for the Naira

The United States Dollar/Nigerian Naira rallied to 210  on February 16, 2015 marking a new record low for the Naira

The Nigerian Naira on Monday February 16, 2015 further depreciated to a new low against the US Dollar by 2 Naira selling officially at 210 Naira to a Dollar in the BDC and by 4 Naira selling at 213 Naira to the dollar in the black market.

The Nigerian Naira has depreciated more than 20 percent against the US Dollar since November 2014 when the currency devaluation by Africa's largest economy started. The economy continues to face inflation acceleration and experts say Nigeria’s central bank may raise the main rate to 13.25% from 13% in its March 2015 review.

Political uncertainty increased recently after the government announced the postponement of a previously scheduled Presidential elections this February to March 28, 2015. The official reason given for the postponement was to allow the security agencies enough time to contend the Boko Haram insurgency ravaging some parts of Northern Nigeria.

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Nigeria Vanguard: Naira Hits New Low in Black Market

International Business Times