The
value of the naira as against the U.S dollar has enjoyed a free fall on
a daily basis which spells doom for the Nigerian economy.
The naira tumbled further significantly at the parallel market on
Thursday, hitting N391 against the dollar as foreign exchange scarcity
continues to batter the economy of Africa’s largest oil exporter,
according to the Punch.
Other unconfirmed reports also have it that the value has dropped to N400 against the dollar.
The currency has entered a free-fall mode against the dollar at the
black market, having lost 26 per cent of its value in less than two
weeks. The naira had exchange for one dollar at 372 on the streets of
Lagos, Abuja and other major cities on Wednesday.
The local currency, which closed at 310 against the greenback last
Monday, has been falling consistently and significantly in the past 11
days. Forex dealers and financial experts linked the persistent fall of
the naira to panic buying of the dollar and other major hard currencies
by importers, individuals and businessmen.
Bureaux De Change operators in Marina, Ikeja and Apapa and Abuja
told a correspondent on Thursday that there were no signs yet that the
rising demand for forex especially.
