Lagos – Nigeria’s currency – the Naira has continued to maintain a free fall against other world currencies at the weekend as the naira exchanged for N200 for US dollar. This confirms the fears expressed by analysts earlier ast year that the naira would attain N200 for US dollar in the first quarter of the year.
The present development has rendered ineffective, efforts by the Central Bank of Nigeria (CBN) to check the falling naira.
It will be recalled that the apex regulatory body of the banking sectors had embarked on several measures to check the sliding naira. These have, however, failed to achieve the desired results.
The foreign exchange market has virtually moved to the parallel market, where black marketers are experiencing boom.
A bureau-de-change operator in Lagos was quoted as saying that the situation was getting out of hand, stressing that despite their efforts, the naira was still maintaining free fall.