Nigeria's naira falls past 200 against dollar to new record low

The Nigerian currency continued to fall and moved past the 200-mark against the dollar as political uncertainty intensified after elections were postponed and inflation accelerated.

Nigeria was due to vote for a new government over the weekend but the election has now been rescheduled to 28 March.

In addition, consumer price data showed the inflation rate has quickened to 8.2% in January, making the 7.9% in November a bottom. The price rise rate was up to 8% in December.

The USD/NGN rallied to 205.5 on 16 February, a new record low for the naira, adding up the losses so far this month to 7%.

Since October-end, the Nigerian unit has fallen nearly 20% against the greenback as currency devaluation by Africa's largest economy took effect in November.

Inflation is expected to accelerate further and the central bank could raise the main rate to 13.25% from 13% in the March review.

Though the north African country has managed to keep the growth rate above 6% for the past three quarters, continued Boko Haram insurgency and political instability have dampened the outlook.