Nigerians look at how dead your Naira Is ! $1 = N260, £1 = N366 As Of Today

the Naira was N366:£1 and that is the official bank rate.but, this time last year, the Naira was around N260:£1…What has gone wrong?

The black-market rate, used by exchange bureaus in Africa's largest economy, reduced to 5.8 % to 260 per dollar in comparison with its level on Monday, Aminu Gwadabe, president of the Lagos-based Association of Bureau de Change Operators of Nigeria, affirmed That 24% is weaker than the official rate of 198.52 per dollar as of 12:56 a.m. in Lagos.

Gwadabe spoke through the phone from Lagos. "From what we see, the central bank is still unable to meet majority demand," he said.

Policy makers' pressure intensify as to how to devalue the naira after this year's 32 % plunge in oil, which accounts for about 70 %of government revenue, contributed to the 14 percent slide in Nigeria's reserves in 2015 to $29.6 billion. The nation's official exchange rate has been kept at 198-199 per dollar since March after the central bank restricted the ability of lenders to buy foreign currency.

In June, the monetary authority stopped importers of about 40 items, including wheelbarrows and glass, from obtaining dollars.