False a teminal velocity will be reached if friction is absent
see u can get the velocity by itegrating the expression
the current as u say changes with the speed... the motional emf opposes the battery emf so if the emf of the batter is E
the net emf = E - Blv
hence the current = ( E - Blv)/R
and hence the force is = B*l* ( E - Blv)/r
so the acc= (EBl/rm) - B2l2v/rm
now as acc=dv/dt
we can integrate the above exp and get the exp for velocity
it comes out to be an exponential one like that of current decay in CR circuit...
so the velocity and hence the force becomes zero at infinite time.
but before that a teminal velocity is reached at which both forces balance each other and the net force is zero
hence B*l* ( E - Blv)/r =0
and v = E/Bl