The Nigerian Naira as of today,
March 8, crashed against the American Dollar and Pound Sterling at the parallel
market but stayed unchanged against the Euro
According to reports from Naij.com, the local
currency has weakened to N465 per Dollar as against the N460 rate it was on
Tuesday, March 7.
The Naira also crashed to N560
against the Pound from the previous rate of N555
However, the local currency maintained
the same N475 per Euro like it was yesterday, March 7.
At the official market, the currency
remained pegged at 305 to the dollar.
The fall of the local currency comes
hours after it was gathered that the federal
government may be considering plans to float the Naira
According to a report on The Nation,
a market-driven exchange rate regime is in the works, going by the federal
government’s economic plan released on Tuesday, March 7.
There has been pressure that the
Naira should be allowed to float, its worth dictated by market forces.
This, argue some experts, will
attract investors. But the government insists that no country surrenders
totally its currency to market forces, adding that it will intervene when
necessary. It may have changed its mind.
