Experts predict naira to dollar at 250…local currency falls further to 232

Economic and financial analysts have predicted that the naira might crash to 250 against the United States dollar at the parallel market in the next two weeks following the trading of the currency against the greenback at 232.

They said the best action might be for the Central Bank of Nigeria to devalue the currency to say 240 or 250 to mitigate a looming major economic crisis.

The development means the national currency has lost 6.4 per cent of its value against the US currency within the space of 10 days at the parallel market.

The slide in naira value at the parallel market started last Wednesday when the Central Bank of Nigeria banned importers of 41 items, including rice, textiles and private aircraft from accessing their forex needs at the foreign exchange market.

The naira had fallen to 220, 223, 226.5, 228 and 230 against the dollar at the parallel market in the past 10 days following the new forex rule.