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Nairaland Forum / Nairaland / General / Business / ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months (21446 Views)
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₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by ogododo: 8:33am On Apr 17 |
The Naira recorded a marginal depreciation against the Dollar in the foreign exchange market for the first time since March 2024 amid the decline of FX reserves. https://dailypost.ng/2024/04/17/naira-records-first-depreciation-against-dollar-in-months-amid-fx-reserves-decline/ 2 Likes 2 Shares
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Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by SpecialAdviser(m): 8:34am On Apr 17 |
My problem in all these is that the prices of goods are not coming down. Agbadorians will be disturbing us with nye nye nye. yan yan yan What a BAND F government. Worst in the history of Nigeria. Chai 125 Likes 13 Shares
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Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by Ezeama400: 8:35am On Apr 17 |
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Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by Lordsonn: 8:39am On Apr 17 |
Foreign reserve is going down deeply. We all know why naira is depreciating now. The next move is for the government to borrow billions of dollars to defend naira. This method cannot sustain for long. CBN has given out 2 billion dollars in less than two months to banks and BDCs to defend naira. This is sad. 124 Likes 11 Shares |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by Macphenson: 8:41am On Apr 17 |
Nawaoo |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by Kukutenla: 8:56am On Apr 17 |
I believe Cardoso and his team now have the right template to stabilize the naira and close the forex gap. But our naira ought not to have tumbled this badly if the president had exercised restraint a bit with his knee-jerk eagerness to impressin his first weeks in office. The challenge now is to bring the naira down without exhausting the reserves 31 Likes |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by greenermodels: 9:15am On Apr 17 |
All these confusion and pains would have been avoided if Tinubu had not prematurely floated the naira without thinking of the consequences, now they're wasting billions of dollars to defend the same naira from falling to its true value. A case of acting before thinking. 66 Likes 6 Shares |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by mobisonkk2: 9:17am On Apr 17 |
The emergency lovers of Nigeria will start menstruating on this thread, celebrating how naira is depreciating. 29 Likes 4 Shares |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by CodeTemplar: 9:17am On Apr 17 |
That's what happens when you ignore the foundation of economics - production - and focus on adjusting variables in a bid to spark reaction that can boost indices. 74 Likes 4 Shares |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by garykoeman: 9:17am On Apr 17 |
Lordsonn: Official rate is higher than parallel market. Can u explain how naira is being defended. 33 Likes 4 Shares |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by Donaldoni: 9:18am On Apr 17 |
Piiiggs rest! It will hover around 1,100 for sometime until a new development begins to take full effect - local production of petroleum products. Then it will appreciate considerably again. 19 Likes 5 Shares |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by greenermodels: 9:20am On Apr 17 |
garykoeman:didn't you read where it said that the cbn is selling dollars to bureau de changes at indexed prices? I guess you don't even know that bureau de changes are the parallel markets and indexed prices means the prices are fixed artificially by the cbn. 38 Likes 1 Share |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by keymatt(m): 9:22am On Apr 17 |
They claimed naira is appreciating, ok if that is the case why is the price of fuel ⛽ and food 🍲 not reducing This agbadorian regime have serious questions to answer. 27 Likes |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by keymatt(m): 9:24am On Apr 17 |
greenermodels:Tinubu's only ambition is answer the name president. He remains a Mandate Thief. 35 Likes 3 Shares |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by greenermodels: 9:24am On Apr 17 |
Donaldoni:who told you this and on what basis? You're just a government online influencer lying as usual. Even the CBN governor can't make that claim in public. 33 Likes 2 Shares |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by mobisonkk2: 9:25am On Apr 17 |
The emergency lovers of Nigeria will start menstruating on this thread, celebrating how naira is depreciating 6 Likes |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by keymatt(m): 9:28am On Apr 17 |
Donaldoni:Using external reserves to defend the naira is the most useless policy ever carried out by a regime. Why float the Naira only to go back defending it only to deplete external reserves in the process You think investors will invest in an economy without a robust dollar 💵 reserve Keep celebrating audio growth. This policy will backfire before your very eyes. Your agbadorian regime are full blown INCOMPETENT THIEVES. 40 Likes 1 Share |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by garykoeman: 9:28am On Apr 17 |
greenermodels: Other world currency are also depreciating against the naira. Capital inflows and interest rate increases are helping it to retrace steep losses caused by two devaluations. 3 Likes |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by PressMyButton: 9:42am On Apr 17 |
CodeTemplar:This happened at parallel market not official market. I thought the CBN is defending the naira, then why did it fall at the parralel market after defending it? 80 Likes |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by PressMyButton: 9:44am On Apr 17 |
garykoeman:Don't mind them. Most of them are illiterates. 84 Likes |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by PressMyButton: 9:48am On Apr 17 |
keymatt:You talk like one Abakaliki drop-out, you talk ignorantly, economics is different from selling okrika in traffick. 12 Likes 1 Share |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by SmartyPants(m): 10:17am On Apr 17 |
greenermodels: keymatt: Are you aware that the quantities sold are a minute fraction of the monthly fx turnover? The last round of sales was a mere $60m. Is that the defence that is depleting the reserves according to you? lol. Anyway, there is no need to even argue with you people. Continue. 10 Likes 1 Share |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by tollyboy5(m): 10:18am On Apr 17 |
SpecialAdviser:The reason why price of goods are not coming down is because you're buying from bitter Obi sellers. Buy goods from normal Nigerians, you sef go bodija and buy your bag of rice. 8 Likes 3 Shares |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by CodeTemplar: 10:19am On Apr 17 |
PressMyButton:production puts the forex in the hands of the parallel market drivers. The SMEs and individuals. 4 Likes 2 Shares |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by Donaldoni: 10:23am On Apr 17 |
keymatt: The foreign reserve depletion if at all there is any is temporary. There is a convergence between the official and parallel market. Like I said earlier, local production of petroleum products will definitely free up more dollars for international business use Naira will continue to appreciate Cut your losses and sell your dollars now unless you are into international business. 11 Likes |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by PressMyButton: 10:25am On Apr 17 |
CodeTemplar:What is the name of your lecturer? |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by SpecialAdviser(m): 10:28am On Apr 17 |
tollyboy5:Sense is very far from you. Pele 9 Likes 2 Shares |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by CodeTemplar: 10:30am On Apr 17 |
PressMyButton:commonsense should tell your thick upper capivty that a farmer who sells grain to a merchant from Ghana or Niger has attracted forex into the country and can demand to be paid with forex. Rice n beans 6 Likes 1 Share |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by tollyboy5(m): 10:33am On Apr 17 |
SpecialAdviser:lol, you're pained by the truth? What's the meaning of "Na the price be that Na, shebi Na una vote emilokan" . Keep deceiving yourself with your propaganda. 2 Likes |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by PressMyButton: 10:39am On Apr 17 |
CodeTemplar:Oh!, farmers and SMEs are the ones you're calling "parallel market drivers" whatever that means, Lol. Listen, you don't need to force yourself to say what you don't know, sometimes, it is honourable to just read and move on. |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by Artscollection: 10:43am On Apr 17 |
greenermodels: What did you expect from oluwale cert holders. Their Hasty decision is what will finish this country |
Re: ₦1,136 To ₦1,148: Naira Records First Depreciation Against Dollar In Months by CodeTemplar: 11:06am On Apr 17 |
PressMyButton:follow that n stop arguing prating senselessly 3 Likes |
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