The Nigerian Naira on Wednesday, March 8, crashed against the American Dollar and Pound Sterling at the parallel market but stayed unchanged against the Euro.
According to reports, 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.
Meanwhile, you can check out NAIJ.com’s Bureau De Change ‘market’ here for the best rates on foreign exchange.