On Tuesday, the naira dipped further, trading at N1,825 to a dollar, despite efforts by the Economic Financial Crimes Commission (EFCC) to disrupt the activities of perceived manipulators and speculators.

On Monday, Peoples Gazette reported how the anti-graft agency raided the well-known Abuja Zone 4 market, shooting at Bureau De Change operators to stop the naira’s rapid decline.

But, less than 24 hours after EFCC raided BDC operators in Abuja, the naira continued its rapid decline, dipping from N1,700 against the dollar to N1,825 to a dollar 24 hours later.

This came as the naira hit an all-time low against the dollar and pound sterling in Nigeria’s history, despite efforts by the Central Bank of Nigeria to salvage the free fall of the naira.

Though the naira had been on a downward trend against the dollar before Mr Tinubu assumed office last May, the naira’s freefall accelerated following the floating of the currency.

In September, the naira exchanged at N1,000 to one dollar at the parallel market. This historic dip spotlighted the weakness of Mr Tinubu’s efforts to manage the national currency amid runaway inflation.

In July, the Association of Nigerian Licensed Customs Agents (ANLCA) complained that floating the nation’s currency had caused a drop in vehicle importation in the nation’s ports.

The currency fell to N1,520.123 to a dollar on January 31, according to Naira Rates.

This is against the currency’s depreciation to N1,482.75 per dollar recorded in the official foreign exchange market on January 30, amounting to a N38 depreciation for the naira under 24 hours.

The fall made it the first time after the COVID-19 pandemic that the official exchange rate was higher than the parallel market exchange rate, which traded at N1,470 per dollar from N1,425 on January 29.

The monetary policy of President Bola Tinubu’s government played a huge role in the further downward slide of the naira after he floated the currency.

Mr Tinubu’s economic policy scrapping fuel subsidy and collapsing multiple foreign exchange windows into the single Importer and Exporter, or I&E window, drastically depreciated the naira’s value by 98 per cent, a report by the Price Water Coopers stated.

The top global business advisory audit firm said in its report ‘Nigeria’s Economic Outlook: Seven Trends That Will Shape Nigerian Economy in 2024’ that Mr Tinubu implemented policies that had the domino effect of devaluing the naira by nearly 100 per cent but appealed to foreign investors as the move was projected to improve the economy in 2024.

On September 26, the naira witnessed an unprecedented historical low, dipping to N1000 against the U.S. dollar. Since then, the currency has lost 17 per cent of its value.

The persistent decline of the naira is a source of concern and a spotlight on the challenges associated with President Bola Tinubu’s fiscal policies.

Despite the far-reaching consequences, including inflation and diminished economic purchasing power, Mr Tinubu has undertaken what his cabinet refers to as strategic moves, such as the petrol subsidy removal, which was met with resistance and scepticism but reflects an attempt to reduce the government’s financial burden and promote a more market-driven economy as well as the decision to adopt a clean float foreign exchange management.

https://gazettengr.com/naira-hits-n1825-to-dollar-despite-efcc-gun-rescue-attempt/

We warned and warned that Nigeria was at the point of death and that due to the prayers and cries of the innocent , Divinity selected and prepared a team that should pull out our nation from the clip of death and bring her to a new Nigeria.

Podatti are ordinary people who were selected by divinity and given the grace to rescue Nigeria from falling off to death.
The love and acceptance was beyond the ordinary. It was something that divinity personal orchestrated.

There is a curse on the land of Nigeria which is a consequence the desperation desecration of the land by the tinubu presidency.
Brace up yourselves because it's going to get worse.
Nothing will come from tinubu. He is on a cursed mandate.

It will soon hit 2k and by the beginning of March, it will hit 2,500 per dollar 💵. Nigeria is a importing nation. Na Nigeria and its people will suffer the consequences of Tinubu harsh economy policies

Where is Cornfessor Wole soyinka

Where Pastor Tunde Bakare, where is Oshiomole, Where are the parapo clans at Ojota to save Nigeria. Where are those who carried coffins on their heads to mock GEJ.

Where are they Where is the electricity rocket science Minister fashole

I don't want to insult any of them. I just want to know where they are.

By the time the thief who said in 2014 " that the only way Nigerians can have steady electricity and fuel is to remove Jonathan " finishes with his miscreants, they will know the real meaning of Gaz"elle garan"gaja

It is finished!!! This is the result of Snatch it, grab it and runaway with it philosophy.
APC white powder govt has finally buried Nigeria

Ok

That's a free fall.
Anyway contact me for your water project

Economics no be by agbero lifestyle.

Balablu is on a mission to destroy the nation.

We warned them but dem no de telli blind person say pepper de inside soup

Why are you worried about the exchange rate? Look inward and develop yourself.

Scrap BDCS completely by outlawing it.

forgiveness:
Why are you worried about the exchange rate? Look inward and develop yourself.

Scrap BDCS completely by outlawing it.

Sharrap. Mr Developer.

God 'Airpause'




APC RottWailers will claim it's part of the process to eternal bliss under Tinubu

Even this plaque (tinubulation) shall pass....and we shall surely celebrate.

ok

People don dey bend on his mandate

DatNiggaDaz:
Where is Cornfessor Wole soyinka

Where Pastor Tunde Bakare, Where are the parapo clans of Ojota to save Nigeria. Where are those who carried coffins on their heads to mock GEJ.

Where are they Where is the rocket science Minister fashole

I don't want to insult any of them. I just want to know where they are.

By the time the thief who said in 2014 " that the only way Nigerians can have steady electricity and fuel is to remove Jonathan " finishes with his miscreants, they will know the real meaning of Gaz"elle garan"gaja

lol which one be fashole again

Remember, in April 2023. Jagaban promised naira will exchange at 300 to the USD in the “short term”

This is February 2024. Where are the sycophants?

highchief1:
lol which one be fashole again

Ole wey sabi fash

This is really a sad one. How did it get this bad? What if naira keeps falling?

The way this naira they break level on free fall is terrific.

It's going... let's home its destination isn't Venezuela?

Tinubu is a disaster

Na wheelbarrow i wan go buy on time when e never cost like that.

Very soon, na wheelbarrow we go dey use carry money go buy garri.

musa234:
This is really a sad one. How did it get this bad? What if naira keeps falling?

Do you see any thing stopping it ?

Validated:
Tinubu is a disaster

but MNK talkk am tey tey

COMRADES, you can what sentiment and bigotry have caused Nigeria today

DatNiggaDaz:
Ole wey sabi fash

lol nairaland.

tinubu and buhari wan crucify Jonathan that year. But now nobody wan speak up against this useless government. Bunch of idiots.

OkCornel:
Remember, in April 2023. Jagaban promised naira will exchange at 300 to the USD in the “short term”

This is February 2024. Where are the sycophants?

they are all confirmed mugus

Peter obi will suffer alone

Mr. Tinubu never promised us anything and even if he did, it was already written or crammed and all he had to do was read or spit those bars too good to be true like Eminem and Twista fast raps.

Mr. Beasts — the most popular YouTuber in the world — shot a video where he spent hundreds of thousands of dollars to help Kenya communities without water; something Kenyan politicians couldn't do (but still criticized) like a man suffering from erectile dysfunction yet wouldn't seek help or allow his wife to be dickmatized.

I wonder why Mr. Beasts haven't noticed the state of Nigeria's economy and security, he would have fixed this country and posted the whole process on YouTube — I mean, this same man counted 1 to 100,000.

It won't be from me you will hear that what your politicians and soldiers couldn't do for decades, a young man in his twenties would do for fun and more money.