The naira has taken yet another drastic fall against dollar. According to the exchange rate on Tuesday, the Nigerian currency has fallen to 350 to a dollar, 375 per Euro and 475 against one Pound.
Since the removal of fuel subsidy by the Federal Government, Naira begin to stumble at the parallel market. The fall can be solely attributed to the rise in the demand of dollar by various major marketers to import fuel.
The minister of state for petroleum Dr. Ibe Kachikwu said the removal of subsidy will pave way for a healthy competition among the marketers as every investor will have the opportunity to import petroleum products into the country.
The deregulation has however brought about negative impacts on naira as its rate per dollar increased since last Thursday.