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The signs are troubling. Nigeria's Naira appears to have entered a free fall mode with the currency selling for 516 per United States dollar on the streets of Lagos and other major cities.

Naira plummeted at the parallel market from 510/dollar on Wednesday to 516/dollar on Thursday.

Currency dealers on the streets of Lagos Island sold the greenback at 516 and bought same for 513. In Egbeda, a major black market centre in Lagos, the naira was sold for 516 and bought at 510. At the Murtala Muhammed International Airport, Lagos, the dollar was bought on the parallel market for 516 and sold at 513.

Experts are divided over the outlook for the naira this year. However, some analysts have predicted that the local currency will take further beating against the dollar this year.

The Chief Executive Officer, Financial Derivatives Limited, Mr. Bismarck Rewane, said the local currency would hit 520/dollar this year on the parallel market and touch 350/dollar at the official market.

An economic expert, Henry Boyo, has predicted that the naira will hit 1000/dollar on the parallel market this year if the Central Bank of Nigeria fails to review its monetary policy framework.

He insisted the current monetary policy framework adopted by CBN is skewed against the naira.

Source http://www.nairaway.com/6211/naira-in-free-fall-now-sells-for-n516-to-one-dollar



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