Naira hits N400 to a dollar!

I can't believe this, but Naira has fallen so bad that it hit 400 against a dollar. Fresh pressure on the naira since last week Thursday has seen the currency fall further from N318.

Financial experts linked the persistent fall of the Naira to panic buying of the dollar and other major hard currencies by importers, individuals and businessmen.

Tumbling global oil prices have battered Africa’s top crude exporter, with foreign exchange reserves down to an 11-year low of $27.85 billion by Feb. 11.