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FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours - Business (5) - Nairaland

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Naira Depreciates By ₦‎81/$ At Foreign Exchange Market / FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom / Economic Crisis: Naira To Fall Further In January, Says CBN Report (2) (3) (4)

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Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by bigiyaro(m): 10:43pm On May 05
emorse:

Absolutely!! Some of us have said this for long but unfortunately those people seem to lack the mental capacity to comprehend. End corruption and well be completely out of this mess in less than two years.
omo! The whole thing is just tiring. Imagine borrowing $800m and stealing it.
Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Blazetrailer: 10:54pm On May 05
People failing to see that this was where he (Tinubu) got it wrong is the beginning of blindness in that country.No country dares float its currency when the currency is even a secondary currency in its own country. You would have had to make a lot of institutional reforms, banking regulations and other economic policies to make naira trade able and country less dependent of UsD as a means of exchange. Naira is not even traceable in Benin republic or Niger, yet you decided to float it? Nigeria will not recover in 20 years. BRAZEN STUPIDITY!!


=ginning of foolishness
Tendd:
I don't understand why the finance team decided to talked the president into floating our currency, knowing well that we are not a robust nor a competitive economy.That decision was not well thought out and we the common citizens are currently paying dearly for it.The Naira is depreciating and prices of basic commodities are skyrocketing.It's certain that the Naira will get to 2000 and above per dollar,by the end of year,going by this projection.

2 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Neoteny(m): 10:56pm On May 05
nairalanda1:


There is no socialist utopia either.

Years of subsidy for things are why we are here.

I'm not advocating for either socio-economic theory. I'm simply stating that capitalist economies are built on foundation of lies and deceit. Actually, many of the economies claiming capitalism are more socialist than capitalist.
Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by BigYash: 10:57pm On May 05
bigiyaro:
grin grin grin grin wetin you want make I talk, imagine all these small small boys doing P2P having the power to manipulate a whole country's currency, a country selling crude for that matter. APC has nothing to do for a positive change in Nigeria.
The thing dey tire person o..
Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by tctrills: 11:08pm On May 05
Basicend:


Shebi you are happy now. .

Was that not your prayers before?

Oga this is not the case of an answered prayer. Don't blame God for this one. Blame the fool in Aso rock.
Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Threedoorsdown: 11:54pm On May 05
nairalanda1:
Strong currency nations are nations that export manufactured goods and services, and allow the free market to operate

As simple as abc

We need to move from consumption to production. This isn't about politics now

Look at north Africans, they have strong economy cos they produce most things they use.

Even Saudi that's well known for oil produces cars and are deep in robotics

We are jst focused on oil. We don't even produce enough rice to feed ourselves

Local production must be encouraged, research must be encouraged,a serious country would habe mandated all public office holders to use Nigerian cars like Nord or innoson or whatever. No foreign cars should be imported for them except from their pockets

Encourage SMEs. Not everytime banning one business or the other.

But all these are dreams sha cos if country better, politicians no go see wetin to use steal and get votes

1 Like

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Anonimoux: 12:26am On May 06
₦1,500 to $1 is the true worth of the Naira currently. All these fire brigade economics will not lead anywhere.
Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by shugamummy: 1:50am On May 06
I thought Tinubu has the abidoshaker solution with his Cardoso economics. What is happening? Is the Naira not fighting back again.
If it crosses ₦1,500 again, it will breech ₦1,900 faster.

helinues:
Toh
Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by femicyrus(m): 2:36am On May 06
nairalanda1:
Strong currency nations are nations that export manufactured goods and services, and allow the free market to operate
Nigeria is also an exporter of goods and services with free market operations.
Do you know how many redeem, winners, deeper life etc branches all over the world with foreign currency as tithe and offering coming into Nigeria weekly?
Does that made the naira to appreciate?
Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by ChybuzzDD(m): 2:42am On May 06
nairalanda1:
Strong currency nations are nations that export manufactured goods and services, and allow the free market to operate

So, petrol subsidy removal will no longer due the magic?

And that's after unnecessarily inflicting the masses with severe sufferings and penury.

1 Like

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by ramond007(m): 3:11am On May 06
helinues:

You are a bearer of evil news!!
Make your comments without always seeking our validation.

Thank you
Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by civilserva: 4:06am On May 06
bigiyaro:
there is no sabotage anywhere, fx no dey fear face, it's bigger than Nigerian way of doing things. If you want strong naira, tell your politicians especially governors and ministers, to stop stealing the naira and converting it to dollars for hiding, Tell Tinubu to as a matter of priority make the Nigerian environment condusive for business and production. Tell the military and individuals to stop stealing crude, tell Nnpc and CBN to remit all crude sales completely, also tell your fellow Nigerians to stop importing toothpicks, biscuits and all manners of bullshi*t. Until then, we all be in this mess.

Continue to teach them. Most of them don't have sense
Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Lavor234: 4:31am On May 06
Instead of Tinubu to beg Emefiele to cut him soap he is doing what I dont know..after crypto,BDC , who next?

2 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by kaludestiny10(m): 5:41am On May 06
It's a well known secret that the Tinubu administration only did an abracadabra some with weeks back to reduce the exchange rate of naira to a dollar which is a short term solution. Now that the abracadabra has finished, I wonder what they are going to do next. A country that solely depend on crude oil export as it's main source of foreign exchange, how does she want to balance the ratio of naira to a dollar. We just dey deceive our self for this country.

1 Like

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Inosky: 5:49am On May 06
Somebody wey no get any for em head Dem use tribalism force it down on every sane man's throat.

Just roughly 1 year and everything is crumbling from the past wreckage. How will it be in the next 3 years?

1 Like

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by nairamaniac: 5:53am On May 06
nairalanda1:


By August 2022, debt servicing was eating 90% of our revenue. Tinubus partial removal of subsidy reduced that to 63% . It's probably gone up again.

Plus we had a drop in oil prices meaning we ended up borrowing to survive for 7 years or more while paying subsides. Result...debt eating 90% of our revenue.

I wish that apc lost in 2023, but when 3 candidates are saying that subsidy would go, something's up.

Anyway , we need to do what the big nations do. Pity I don't see tinubu doing it.

Nice post.
However it's not about all 3 candidates saying subsidy must go.


It's about several other factors:
1. The timing into their new regimes.
2. Auditing of what we are really subsidizing.
3. Making sure we can produce alternatives here in Nigeria before removing the subsidy.

Tinubu goofed with the ways he went about it bigtime.
Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Ken4Christ: 6:05am On May 06
LibertyRep:
What or who's to blame this time around?

Sighs.

They are all wicked and unreasonable leaders. They are mentally lazy and overly corrupt.
Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by olaniyilukman(m): 6:25am On May 06
Racoon:
Consumption without production is not making the naira to do any magic. The dollar will continue to have the upper hand.
stop defending this nonsense bro
Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by moneyissweet(m): 6:39am On May 06
No be you and your gang carry Tinubu matter for head like hot akara, ogbeni you must explain to us o


helinues:


Make your comments without always seeking our validation.

Thank you

1 Like

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by BondRiv: 6:41am On May 06
Politicians are chiefly responsible for this. Unpatriotic corrupt elements.
Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by ShoeGetSize: 7:05am On May 06
grin

1 Like

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Fuckyoumod: 7:10am On May 06
Racoon:
Consumption without production is not making the naira to do any magic. The dollar will continue to have the upper hand.
This is not the case, a lot of you are ignorant of happenings and how politicians are manipulating the naira.
Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by rinzaugustine: 7:18am On May 06
Tinubu is a curse to Nigeria

1 Like

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by ablejesus26(m): 10:12am On May 06
Kobicove:
You people should stop causing panic with this type of news angry

What panic are They causing??

Are the effects of this Full Scale Calamity called Tinubu not heavily felt in Real Life??

1 Like

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by nairalanda1(m): 1:25pm On May 06
nairamaniac:


Nice post.
However it's not about all 3 candidates saying subsidy must go.


It's about several other factors:
1. The timing into their new regimes.
2. Auditing of what we are really subsidizing.
3. Making sure we can produce alternatives here in Nigeria before removing the subsidy.

Tinubu goofed with the ways he went about it bigtime.

I hate to defend tinubu, but as someone once said, there is no good time to remove subsidy.

Even GEJ that had something ready for his own subsidy removal was still blasted by NIgerians.
Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by ebufa: 2:19pm On May 06
8h5
helinues:
Toh



Dollar should be allowed to float....
Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by MIKOLOWISKA: 4:53pm On May 06
descarado:
Just like that, Nigerians have accepted this anomaly.
Accepted yes
Anomaly no

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