Although the official exchange rate at the Central Bank of Nigeria (CBN) is about N197 per dollar, buyers of the American currency are currently paying as much as N250 per dollar at the parallel market.

Reports from Lagos, Abuja, Port Harcourt and Aba say the naira’s value is depreciating fast.

The IMF recently advised Nigeria to devalue its currency further.

The CBN said Nigerian banks are not at risk, despite the headwinds provided by the country’s economy.

Below are the official rates, as at March 6:

Date Currency Buying(NGN) Central(NGN) Selling(NGN)
3/6/2015 US DOLLAR 196 196.5 197
POUNDS STERLING 297.5672 298.3263 299.0854
EURO 214.6004 215.1479 215.6953
SWISS FRANC 200.409 200.9202 201.4315
YEN 1.6329 1.6371 1.6413
CFA 0.3116 0.3216 0.3316
WAUA 273.1776 273.8745 274.5714
YUAN/RENMINBI 31.294 31.3743 31.4546
RIYAL 52.2611 52.3944 52.5277
DANISH KRONA 28.7964 28.8699 28.9433
SDR 273.8708 274.5695 275.2681

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