The naira continues to take a beating from major currencies as it has taken a new dive, going for N800 to a dollar in the black market.
Last week it was hovering between N760 and 785, but on Saturdays it was going for 800, while against the pound sterling it was selling at 890.
The free-fall may not be unconnect to the Central Bank’s decision to redesign the naira notes and put the old notes out of circulation by January 31 next year. The new notes 200, 500, and 1000 will go into circulation on December 15.
It is believed that Nigerians, most especially politicians with loads of Naira notes are rushing to dollarise their money outside the banking system. With this it is expected that the naira would crash further unless there is intervention of sorts.
