The free falling that has characterised the naira- in recent time- continued at the parallel market on Thursday, February 18, with the Nigerian currency nosediving to 391 against the dollar as the foreign exchange scarcity persists.
The naira in less than two weeks has lost over 28% of its value in the black market with one dollar selling for as much as 400 naira on the streets of Lagos, Abuja and other major hubs in the country, on Friday, February 19.
Bureau De Change workers and financial experts have linked the constant fall of the naira to the panic-buying of the dollar and other major hard currencies by importers and businessmen.
Nigerians fear that the fall of the naira which has persisted for 11 straight days, seems to be nowhere near its end, with some claiming that the indecisiveness of the current administration is the cause of the unbridled descent.