Step 1: Force due to magnetic field.
The force on the rod moving in a magnetic field is given by \( F = B l v I \), where \( v \) is the velocity, \( l \) is the length of the rod, and \( I \) is the current.
Step 2: Induced current.
The induced EMF \( \varepsilon \) is given by \( \varepsilon = B l v \), and the current \( I \) is given by \( I = \frac{\varepsilon}{R} = \frac{B l v}{R} \).
Step 3: Apply Newton's second law.
At terminal speed, the magnetic force equals the gravitational force:
\[
B l v \frac{B l v}{R} = mg
\]
Solving for \( v \), we get the terminal speed as:
\[
V_0 = \frac{mgR}{B^2 l^2}
\]
Final Answer:
\[
\boxed{\frac{mgR}{B^2 l^2}}
\]