The naira depreciated in its value against the United States dollar to N1,234 at the official foreign exchange market on Monday, according to data obtained from the FMDQ securities exchange.

The exchange rate means the naira fell by N65 or 5.26 per cent from N1,169.99/$1 recorded on Friday.

The local currency had strengthened to around N1,072.74 on Wednesday as traders projected the naira could trade below N1,000/$1 for the first time.

However, the latest drop appears to coincide with the remarks of the apex bank Governor, Yemi Cardoso, who stated that the intent of the bank was not to defend the Naira, when asked about the sudden drop in external reserves.


Nigeria’s foreign exchange reserves have maintained a one-month dip streak. The latest figures from the Central Bank of Nigeria show the external reserves reached a new low of $32.1bn on April 18, 2024. The reserves dropped by $2.35bn in 31 days, from $34.45bn on March 18, 2024.

But the CBN governor at the International Monetary Fund/World Bank Spring Meetings stated that the bank would refrain from intervening in the exchange unless unusual circumstances arose, stressing that the recent slight shift in reserves was unrelated to defending the naira.

He said, “I want to make this as clear as possible, it is not in our intention to defend the naira. and as much I have read in the recent few days, some opinions with respect to what is happening with our reserves and if the central bank is defending the naira.”

The national currency had slumped badly in the forex market in the weeks preceding the clampdown on Binance, exchanging for as much as N1,950 in mid-February.

Observers blamed its earlier misfortune on alleged manipulation of the market by Binance. However, some stakeholders have accused the new crypto exchange platforms BYBIT and BITGET for the latest slip.

Analysts suggested that the naira experienced a depreciation over the span of six months from July 2023 to January 2024, particularly evident in the black market following the disbursement of funds by the FAAC to federal, state, and local government authorities.

The summary of the forex transaction showed that the intra-day high depreciated, closing at N1,295 per dollar. The intra-day low also reduced to N1,051/$. While the total daily turnover dropped slightly to $110.17m on Monday.

At the parallel market, currency traders sold the dollar between the rate of N1,250 and N1,270 from N1,154 recorded last Friday.

Bureau de Change operators who spoke to our correspondent said the reason for the new increase in dollar rate was due to market forces, adding they were unsure if there would be more increase or reduction before the end of the week.

The naira’s surge since late March, which had made it the best-performing currency in the world, came to a stop on Sunday when it had its first weekly decline in several weeks on the parallel market.

A BDC operator, Abubakar Taura said, “We sold the dollar today between the rate of N1,50 and N1,270 and it is a bit surprising because we don’t even know the real reason but that is the market, one day there will be profit and another day we make losses.”


https://punchng.com/naira-tumbles-to-n1234-at-official-market-speculators-resume-hoarding/

If you sold your dollars at 1k na you dem take do show

Tinubu Has Devised a Novel Idea of Bringing Down Dollar.

Just Borrow More Money,Flood the Market With Borrowed Dollars and it Will Come Down

Olodo Tinubu & CBN Cardoso ,They Did Free Floating of Naira, it Failed As Dem No Get Sense. They Now Print & Borrow to Subsidise,

Fake news, me n my urchins are on the mandate till 3039.

Tinubu got the advice from a mad man.

Na wah for this naira fall

Peter Obi, igbos, and Rufai Oseni will be very happy about this news.

After depleting the foreign reserve, naira is falling apart. What happened?

The hard way and the only way is to move Nigeria from consumption to production - PO

NAIRA is going back to 1900/$. The Cardoso and Tinubu's magic has ended in disgrace.

Our foreign reserve is on the red bar now

That's Reno Omokri's Shoe

if You Look Between B & M

Also Look Between A And D

Then Check His Profile

You Will Know He Urgently Need Some FG Palliatives

Humn! The reality is setting in again

Toh

Antoeni:
NAIRA is going back to 1900/$. The Cardoso and Tinubu's magic has ended in disgrace.

Our foreign reserve is on the red bar now

That's Reno Omokri's Shoe

if You Look Between B & M

Also Look Between A And D

Then Check His Profile

You Will Know He Urgently Need Some FG Palliatives

Make sure you keep your dollars close to your chest. That's only if you have one and also add handkerchief more closer

Using Foreign Reserve to Pop up the Naira was Nothing but an Attempt to Resuscitate a Dead & Rotten fulani cow. Naira is irredeemable just as the British/fulani Criminal Experiment is irredeemable. Break up this Ciminal Entity to Save Lives.

Who's to blame this time, Abokifx or Binance? Vagabonds in power.

Nigeria economy is hard to recover because those handling our economy don't even understand how the economy is been run and the economic indicators for stability of the economy.

Antoeni:
Using Foreign Reserve to Pop up the Naira was Nothing but an Attempt to Resuscitate a Dead & Rotten fulani cow. Naira is irredeemable just as the British/fulani Criminal Experiment is irredeemable. Break up this Ciminal Entity to Save Lives.

How many times are we going to correct you people with this false narration of using foreign reserves to back Naira.

Make una apply basic economic studies in secondary school now.

The state governors which their monthly payment have increased, where did the money come from?

The debt that we have serviced, where did the money come from?

The ongoing projects and government social intervention programs, where are those money coming from?

The US Dollars is not our legal tender.
Government should go after these dollar slaves, Those Hoarding it ransack their homes and jail anyone found with any foreign currency.

The government should end the activities of bureau de change with immediate effect and convert every dollar accounts in various banks to naira equivalents.
Government impose 300% tax on importation of luxury goods also.

Government should take the fight against corruption and economic saboteur serious .

Trials, prosecution and possible execution of these criminals should be done on live television for all to see and learn

Lol..cursed Agbado animals will suffer till death from generation to generation as we predicted…this is just the beginning …imagine a sane person borrowing dollars to pump into forex market to stabilize the dollar? What kind of stupidity is this for Christ sake? Even my six year old son who knows little about money knows that speculators will wait for you with this mugu move and keep mopping up dollars from black market because they know everly you go tire for borrowing to throw into forex and naira will go back to its real value… that’s how a lot became billionaires in Nigeria and not through rituals and skull mining cutting off of heads…business men have no emotions or religion but same tinubu fools will be hoping on the impossible of a tinubu miracle that will never happen

Sannisege:
Peter Obi, igbos, and Rufai Oseni will be very happy about this news.

BS

Antoeni:
Tinubu Has Devised a Novel Idea of Bringing Down Dollar.

Just Borrow More Money,Flood the Market With Borrowed Dollars and it Will Come Down

Sannisege:
Peter Obi, igbos, and Rufai Oseni will be very happy about this news.

were you also happy when you were dishing out lies, deceit and propaganda on a Quantum scale knowing fully well you were defending & supporting a fake graduate from Chicago who is a well known drug addict

Eshiin baba bullion van on the beat of emilokan

Aboki Bureau De Change Will just be Laughing At Tinubu & CBN Governor At Their Foolishness. & incompetence. SHEGE Dan Banza

Agbado Economics, a masterclass in cluelessness

greenermodels:
Who's to blame this time, Abokifx or Binance? Vagabonds in power.

make we blame gandollar 🤪

Goodnews for piiiiiggs

It's a temporary slip, trust me.

To The President of Lagos/Calabar Super Yahoo Coaster Highway Project Of Federal Republic of Nigeria

I have a question for you and Mr. President
What’s is the total volume of trade per capita in Nigeria?
How does Tinubu administration intends to balance the huge trade deficit which is growing exponentially, especially now that manufacturing and agro- allied industries are moving away from Nigeria?
Until those questions are urgently addressed, paper economics will not work.

Sannisege:
Peter Obi, igbos, and Rufai Oseni will be very happy about this news.

Bigots like you should be banned.

The CBN governor should not be dissuaded in his pursuit to stabilize the economy. No one should celebrate this, we all fail when Nigeria fail.

Increased production should be private sector driven (favorable tax policies) till the FG puts basic and social amenities in order.

The President needs to plug more holes. I retain my stance that with oil revenues only Nigeria per capital should be way better than where it is. Juxtapose GDP with foreign loans, forward payments, foreign remittances and it doesn’t make sense that we’re where we are.

Time for forensic scrutiny of commercial banks domiciliary accounts beginning with public and civil servants and their relatives.

Zero pragmatic monetary policy.
100% sycophancy and propaganda.
Rhetorics don't build a nation… actionable plans do.