By Dipo Olowookere
The Nigerian Naira has finally crossed the N700 to a Dollar mark as the country continues to suffer a shortage in the supply of the American currency in the foreign exchange (FX) market.
Data obtained from forex dealers in different parts of Lagos, the nation’s commercial hub, showed that the Naira was exchanged for the greenback on Wednesday at N705/$1, while the hard currency was bought from holders between N697/$1 and N700/$1.
When our reporter visited the Yaba area of Lagos State at about midday today, the local currency was sold for N705/$1.
In Ikeja, the domestic currency was exchanged with the Dollar at N703/$1 and at the Olugbede Model Market in the Egbeda area of the metropolis, it was traded at N700/$1.
In the black market yesterday, the exchange rate of the Naira to the Dollar was N671/$1 but in less than 24 hours, the value has depleted by N34 or 5.07 per cent.
Business Post reports that some investors are in panic mode, liquidating their Naira investments to Dollar as a result of the recent statements by the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele.
“What we are experiencing at the moment is the triggering of the panic button by the central bank governor last week,” a financial analyst based in Lagos, Mr Ademola Bankole, told this reporter.
“Investors are only trying to play safe as the electioneering is getting closer and inflation could erode return on investments (RoIs) in Naira,” another financial expert, Mr Chukwu Edozie said.
Adedapo Adesanya 
Modupe Gbadeyanka