Naira weakens down to N400 to $1 setting a new record.

The naira continued its free fall at the parallel market on Thursday, hitting a range between 391 to 400 against the dollar.

Foreign exchange scarcity continues to batter the economy of Africa’s largest oil exporter as the Naira loses 26 per cent of its value in less than two weeks.

Forex dealers and 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.

Visits to Bureaux De Change operators in Marina, Ikeja and Apapa and Abuja on Thursday shows that there were no signs yet that the rising demand for forex especially. Is going down .