Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market - Business

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Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market (9563 Views)

Naira Drops At Parallel Market, Closes 900/$ At Official Window / Naira Drops Slightly To ₦763.17/$ On Investors & Exporters' FX Window / Aloy Chife Asks CBN To Abolish Official FOREX Market, Allow Naira Float (2) (3) (4)

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Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by ogododo: 9:27am On Jan 10

The Naira on Tuesday depreciated to N1,089.51 against the US dollar at the official foreign exchange market.

Data from FMDQ showed that the Naira dropped to N1,089.51 per US dollar compared to N856.57, which was quoted at the end of business on Monday.

The figure represents N220.38 depreciation in the local currency compared to the N856.57 per dollar on Monday.

The development comes after the country’s currency dropped after three days of successive gains in the new year.

Similarly, the Naira dropped to N1,245 per US dollar from N1,240, which it traded on Monday at the parallel market.

The depreciation comes despite the Nigerian federal government receiving a $2.25 billion foreign exchange support loan from the African Import-Export Bank over a week ago.

https://dailypost.ng/2024/01/10/naira-drops-to-n1089-against-us-dollar-at-official-forex-market/

3 Likes

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by Joidi: 9:28am On Jan 10

I still believe in Nigeria, no matter what

12 Likes 1 Share

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by God1000(m): 9:42am On Jan 10

The current CBN governor doesn't know what he's doing

57 Likes 4 Shares

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by RepoMan007: 10:16am On Jan 10

God1000:
The current CBN governor doesn't know what he's doing

I liked and shared not because I agree but because too many senseless folks for too long have blamed and praised past CBN governors for naira strength.
It has always been a demand and supply issue and not or never some chess-like maneuver of a skilled economist.
Just 12 months ago, in the peak of the naira scarcity/redesign, Tinubu aimed a dig at "them" (Emefiele/bubu) for taking the naira down in value. Now he is there. Let him defy low supply and keep dollar prices down let's see.

36 Likes 2 Shares

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by abhosts(m): 11:20am On Jan 10

It is time for the CBN to introduce higher denominations like N50k and N100k. The corrupt political class have now turned the USD to their default means to stealthily move cash around because the naira has no value(N1000 is about 90 cents). Reintroducing higher denominations would allow them return back to the glorious days of Naira Ghana must go method, thus easing up the pressure on the dollar.

19 Likes 2 Shares

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by GanagiBitrus: 11:20am On Jan 10

May this Naira drop favor me & my family.

36 Likes

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by Righthussle: 11:21am On Jan 10

Deputy Jesus come and see something oo.

Your decree since 2016 when $1 was #200 no work oo. 🤣🤣🤣🤣

Hey!!! how I go take explain to my old grandma say your decree no work oo. She no go believe me oo. Her tithe and offering of almost 20 years don go oo.

How decree wey no fit work on common naira go work on a whole human being?

28 Likes 5 Shares

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by GRACEGLORY: 11:21am On Jan 10

Hmmm🤔

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by Godfullsam(m): 11:22am On Jan 10

Are we buying with dollars in Nigeria?

Tinunmbu

4 Likes 2 Shares

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by shortgun(m): 11:22am On Jan 10

Tinubu is clueless.
This is what happens when people with zero economic knowledge decide the lives of over 200 million people.

What do you expect from a supposed first class accountant who makes mockery of statistics.

28 Likes 3 Shares

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by EKONGKING: 11:22am On Jan 10

Tinubu is dealing with the aftereffects of buhari misgovernance.

2 Likes 1 Share

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by AqualinaXYZ: 11:22am On Jan 10

Joidi:
I still believe in Nigeria, no matter what

No be by believing

As long as that maggot is in Aso Rock Nigeria will never get better

No be curse na fact

20 Likes

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by adesegun121(m): 11:22am On Jan 10

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by StraightGaay: 11:24am On Jan 10

GanagiBitrus:
May this Naira drop favor me & my family.

Favour me and my family

5 Likes 1 Share

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by Akwamkpuruamu: 11:24am On Jan 10

Naira is heading to discover Crude oil in Zamfara

9 Likes

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by Angelfrost(m): 11:26am On Jan 10

If the steps to rescue the nation's currency had been started in May, they would have started showing signs of results by now.

Up till now, local production is yet to receive serious boost.

Increased import taxes on goods which are also manufactured in this nation to reduce importation.

Cleansing the FX market of saboteurs and those hoarding Dollars.

Fast tracking the refineries to cut down fuel importation.

Well... Time still dey Sha. The year just started.

3 Likes 2 Shares

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by AwokenVawulence: 11:28am On Jan 10

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by GanagiBitrus: 11:30am On Jan 10

StraightGaay:
Favour me and my family

Favor ✔️(US)
No be everybody follow you dey Naija. 😂

6 Likes

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by phr0nesis(m): 11:30am On Jan 10

Why not temporarily ban the importation items not really needed for our survival.
There's no harm in important those essential items like foods we can't grow here, medicine we can't produce etc,

No one will die if you don't put on expensive jewelries.
We haven't finished buying all the cars already imported into the country, but we are still importing more. Why not ban these items for now to reduce the pressure on the few dollars coming into the country

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by RepoMan007: 11:31am On Jan 10

Righthussle:
Deputy Jesus come and see something oo.

Your decree since 2016 no work oo.

I shock for that pronouncement too.

1 Like

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by RepoMan007: 11:32am On Jan 10

Angelfrost:
If the steps to rescue the nation's currency had been started in May, they would have started showing signs of results by now.

Up till now, local production is yet to receive serious boost.

Increased import taxes on goods which are also manufactured in this nation to reduce importation.

Cleansing the FX market of saboteurs and those hoarding Dollars.

Fast tracking the refineries to cut down fuel importation.

Well... Time still dey Sha. The year just started.

will they listen? Everything Emefiele did in principle, they have done worse.
Import substitution is the way out but dem say na lie.

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by StraightGaay: 11:34am On Jan 10

GanagiBitrus:

Favor ✔️(US)
No be everybody follow you dey Naija. 😂

E dey favour your uncle's and aunt for here.

2 Likes

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by Henix(m): 11:35am On Jan 10

APC government is clueless. Everyone is after what he or she can steal with pen

8 Likes

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by iamjavadem(m): 11:36am On Jan 10

Exactly.

RepoMan007:
I liked and shared not because I agree but because too many senseless folks for too long have blamed and praised past CBN governors for naira strength.
It has always been a demand and supply issue and not or never some chess-like maneuver of a skilled economist.
Just 12 months ago, in the peak of the naira scarcity/redesign, Tinubu aimed a dig at "them" (Emefiele/bubu) for taking the naira down in value. Now he is there. Let him defy low supply and keep dollar prices down let's see.

1 Like

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by pipnator00(m): 11:39am On Jan 10

$1 to hit NGN2500 before the end of 1yr!
Even the $3billion loan from Afriexim bank didn't have any effect.
Plus the news of Dangote getting crude still didn't do anything to save the naira!
Wahala dey oh! I saw a picture here on Nairaland of people roasting baboon/monkey for consumption!
I hope when Naira isn't accessible, we don't start eating each other!

3 Likes

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by nedekid: 11:39am On Jan 10

Angelfrost:
If the steps to rescue the nation's currency had been started in May, they would have started showing signs of results by now.

Up till now, local production is yet to receive serious boost.

Increased import taxes on goods which are also manufactured in this nation to reduce importation.

Cleansing the FX market of saboteurs and those hoarding Dollars.

Fast tracking the refineries to cut down fuel importation.

Well... Time still dey Sha. The year just started.

See, one of, if not the major factor affecting the naira vs dollar is looting.
Few years ago, fgn released a judgement debt to a now serving senator. Immediately the money was paid, all his creditors were at his house for payment. All of them including the man had their abokis on standby, there and at the bank. See, that evening, naira crashed against the dollar as in all the available dollars was wiped out of the market. The demand was too much.
Same thing here, when there is high looting, what do you think they do with the money? Why do you think that edu woman would have done with that money paid into staff account, what about the "consultancy" fee of 3b shared with ojo and others?
Oga, the first thing they will do is change it to dollars! That will crash the naira.
At the beginning of this administration, I knew naira will loose heavily against the dollar. I predicted it on this forum. Why? All the warehoused monies stored by politicians but could not be spent due to Emefieles naira redesign would have had to be converted to dollars to retain value and ease of handling.
Nigeria's issue is more of corruption than production.

9 Likes

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by Newsfeed123: 11:40am On Jan 10

Portable Celebrate as he Receive his New Mercedes Benz Car after he Losing his Brabus B

Watch video

https://www.youtube.com/watch?v=2xz-QXUhB04

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by Blackfire(m): 11:40am On Jan 10

Confused grab it and run away with it agbado master...

Is buhari in all his cluelessnes not better than this clueless cluelessnes govt...

Walk the street and see people suffering....

Imagine a lady telling a guy ... he should give her 10k to fuuuuiiccck her... she wants to pay for Lapo

Tuuuuuueeeeh

7 Likes

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by Bayyajidda(m): 11:41am On Jan 10

Joidi:
I still believe in Nigeria, no matter what

Do you have a choice?

1 Like

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by Bayyajidda(m): 11:45am On Jan 10

EKONGKING:
Tinubu is dealing with the aftereffects of buhari misgovernance.

Laughable...
Very Laughale...
The blame game continues...

6 Likes

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by dfrost: 11:50am On Jan 10

Hmm...

Professional exams et al in the mud

1 Like

Re: Naira Drops To ₦‎1,089 Against US Dollar At Official FOREX Market by Calitoscassius(m): 11:52am On Jan 10

Joidi:
I still believe in Nigeria, no matter what

Yea, believe is not practical is it? grin

i believe i can fly too.. but when i tried flying practically i fell and hurt my head but what da hell? I still believe i can fly, believe. Believe.... believe.. belie...ve.. vee.

5 Likes

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