The exchange rate between the naira and the US dollar fell further for the second day in a row on Tuesday, 15th November 2022, closing at N800/$1. The exchange rate depreciated by 2.56% in contrast to N780/$1 recorded at the close of trading on Monday.

This is according to information from black market traders who spoke to Nairametrics. It is worth noting that the exchange rate varies across various locations and depends on the volume of transactions.

Similarly, naira recorded a slight depreciation of 0.89% against the US dollar at the cryptocurrency peer-to-peer FX to close at N795/$1 on Tuesday, from N788/$1 recorded in the previous trading session.

In the same vein, the naira closed against the US dollar at N446/$1 at the I&E window on Monday, representing a depreciation of 0.06% compared to N445.75/$1 recorded in the previous trading session.

Also, FX turnover at the official market dipped by 74.98% to $63.83 million on Monday, from $255.15 million that was traded on Friday. Nigeria’s external reserve fell by 0.05% to stand at $37.20 billion as of 11th November 2022 from $37.21 billion recorded as of the previous day.

https://nairametrics.com/2022/11/15/daily-exchange-rate-between-naira-and-dollar/

Opening thread up and down on Naira devalued! What a citizen.

ahiboilandgas:
Opening thread up and down on Naira devalued! What a citizen.

The truth hurts. Deal with the harsh economic realities and not shy away from it

What is the rate today?

Angelawhite:


The truth hurts. Deal with the harsh economic realities and not shy away from it

The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has said the dollar might drop to ₦200 after the redesigning of naira.…


By
Muawiya Shuaibu
Wed, 16 Nov 2022 10:45:43 WAT
The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has said the dollar might drop to ₦200 after the redesigning of naira.

Bawa stated this in an interview with Deutsche Welle (DW) Hausa service, saying President Muhammadu Buhari did well to approve the redesigning.

Arewa group frowns on ‘selective’ media trial of northerners by EFCC

ahiboilandgas:
The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has said the dollar might drop to ₦200 after the redesigning of naira.…


By
Muawiya Shuaibu
Wed, 16 Nov 2022 10:45:43 WAT
The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has said the dollar might drop to ₦200 after the redesigning of naira.

Bawa stated this in an interview with Deutsche Welle (DW) Hausa service, saying President Muhammadu Buhari did well to approve the redesigning.

Arewa group frowns on ‘selective’ media trial of northerners by EFCC

Let me tell you what the redesign did.
People with outrageous amount of Naira cash now decided to convert their Naira to dollars in order to save them from expiring.

This made the demand for dollar to soar and consequently the exchange rate .

So the redesign did not and will never bring down the price. The reason why it seemed like the Naira appreciated over the past few days was the rumor that the United States will phase out their old currency and people decided to panic sell and thereby driving down the exchange rate.

Now people have realized it’s all rumor and the dollar is going back up .

Concrete policies is what strengthens the economy and currencies and not repainting the Naira notes

Didijiji:
What is the rate today?

801 / 804 as at 2.32pm..

Angelawhite:


Let me tell you what the redesign did.
People with outrageous amount of Naira cash now decided to convert their Naira to dollars in order to save them from expiring.

This made the demand for dollar to soar and consequently the exchange rate .

So the redesign did not and will never bring down the price. The reason why it seemed like the Naira appreciated over the past few days was the rumor that the United States will phase out their old currency and people decided to panic sell and thereby driving down the exchange rate.

Now people have realized it’s all rumor and the dollar is going back up .

Concrete policies is what strengthens the economy and currencies and not repainting the Naira notes

dey there for najia dey analyse ! Us Fed and banking gaints is starting the digital dollar now .soon All those paper dollars you are hiding unproductive will become valueless!

lrman:


801 / 804 as at 2.32pm..

getting worse!

This APC government is cursed!

How do you check please?

Didijiji:
getting worse!

This APC government is cursed!

How do you check please?

I run a BDC...

ahiboilandgas:
dey there for najia dey analyse ! Us Fed and banking gaints is starting the digital dollar now .soon All those paper dollars you are hiding unproductive will become valueless!

Ever heard of usdt??...the way some you confidently speak with ignorance is amazing...

The usdt is getting stronger and that is even adding more problems to your naira and now usdt/naira is now at 801naira....Go to binance or any other crypto exchange and see for yourself...

The digital dollar will even create more demands for the dollar and a higher dollar value will lead to a higher value of usdt/naira.. meaning your naira will keep getting worse against the dollar...then the 1000naira per dollar will even happen faster than predicted..

A stronger usdt against the naira makes the naira weaker and vice versa..as long as dollars gets stronger , your naira value will keep getting worse...

What is the solution ?? Your government should import less , and export more...a country with 90% imports and 10% exports will always have a weak currency now and forever...it is common sense..

ahiboilandgas:
The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has said the dollar might drop to ₦200 after the redesigning of naira.…


By
Muawiya Shuaibu
Wed, 16 Nov 2022 10:45:43 WAT
The Chairman of the Economic and Financial Crimes Commission (EFCC), Abdulrasheed Bawa, has said the dollar might drop to ₦200 after the redesigning of naira.

Bawa stated this in an interview with Deutsche Welle (DW) Hausa service, saying President Muhammadu Buhari did well to approve the redesigning.

Arewa group frowns on ‘selective’ media trial of northerners by EFCC

Lol, Adulrasheed Bawa na confirm olodo spewing nonsense. What does he know about economics?

You think using propaganda is a sustainable way of propping a currency? Na!

What brought the dollar down wasn't because of any local policy but due to global depreciation of dollar against other currencies in addition to the fake news about old dollars expiring by December. Many Nigerians who couldn't verify the news rushed to sell all their dollars resulting in more sellers than buyers thus resulting in depreciation. Economics 101.

Now that the news has been debunked, and people stopped selling en mass, can't you see the dollar is climbing again?

Only by mass production and exports would naira appreciate against other currencies not by lies!

ahiboilandgas:
dey there for najia dey analyse ! Us Fed and banking gaints is starting the digital dollar now .soon All those paper dollars you are hiding unproductive will become valueless!

What do you think will happen when it expires ? It will become scarce and the rate goes up lol

Angelawhite:


What do you think will happen when it expires ? It will become scarce and the rate goes up lol

Just ignore him..he is talking out of ignorance..

VoteObi2SaveNai:


Lol, Adulrasheed Bawa na confirm olodo spewing nonsense. What does he know about economics?

You think using propaganda is a sustainable way of propping a currency? Na!

What brought the dollar down wasn't because of any local policy but due to global depreciation of dollar against other currencies in addition to the fake news about old dollars expiring by December. Many Nigerians who couldn't verify the news rushed to sell all their dollars resulting in more sellers than buyers thus resulting in depreciation. Economics 101.

Now that the news has been debunked, and people stopped selling en mass, can't you see the dollar is climbing again?

Only by mass production and exports would naira appreciate against other currencies not by lies!

Some of these economics are very simple to understand but people would rather use their emotions to think instead of their brains

Just re-read what you just wrote...it makes sense to you?

ahiboilandgas:
dey there for najia dey analyse ! Us Fed and banking gaints is starting the digital dollar now .soon All those paper dollars you are hiding unproductive will become valueless!

40 per cent of najia dollar demand will soon be out ........The Dangote Refinery in Lekki Lagos has reach 97 percent completion, The NMDPRA made this disclosure in Abuja when representatives of the Dangote Petroleum Refinery visit it in Abuja to present the work plan for the facility for 2022/2023 as the regulatory agency for the sector

After the refinery pick up .40 percent of dollar demand is out . Then it will earn a 50 bn USD income as export sales . Dollars will be less than the official rate like 430 .

What you are forgetting is we are already earning dollars from d crude oil that would be sent to d refinery.. So the only thing is the differential btw crude & refined crude which shouldn't be up to $20 per barrel sent to the refinery.

ahiboilandgas:
After the refinery pick up .40 percent of dollar demand is out . Then it will earn a 50 bn USD income as export sales . Dollars will be less than the official rate like 430 .

being:
What you are forgetting is we are already earning dollars from d crude oil that would be sent to d refinery.. So the only thing is the differential btw crude & refined crude which shouldn't be up to $20 per barrel sent to the refinery.

NNPC has not be permitting any dollars to cbn due to subsidies.

Naira trading @ 770 to 750 in black market . 860 to 770 = 90 Naira loss .already .