Nigerian Naira Drops to Record as Black-Market Dollar Rate Soars

Naira weakens to 917 per dollar on the street on Wednesday

Official and black-market exchange rates part ways once more

The Nigerian naira extended its slump in black-market trading as the nation’s dollar shortage deepened two months after the central bank moved to a more flexible exchange rate to encourage inflows.

The currency of Africa’s biggest crude oil producer weakened to 917 naira per dollar, compared with 900 naira the day before, according to Umar Salisu, a bureau de change operator who tracks currency data in the nation’s commercial capital. Banks are unable to come up with the dollars to meet demand, and buyers are increasingly turning to the black market, widening the gap between the official exchange.

https://www.bloomberg.com/news/articles/2023-08-09/nigerian-naira-drops-to-record-as-black-market-dollar-rate-soars

We warned and warned, but y'all didn't listen. The chimps up there have learnt nothing from 2015/2016 when Buhari made this same shitty call to remove subsidy and float naira in one fell swoop in a country like Nigeria. Now they have successfully FAILED, yet again. A move from officiall/parallel rates of 450/720 to 750/1000(in a few days) is a very successful FAILURE. Smh

One of the most foolish decision ever made by this calamitous Tinubu government is the exchange rate unification nonsense


Instead of putting measures in place to drag the parallel market exchange rate down from 750/dollar to meet the official exchange rate of 460/dollar, the government move the official exchange rate up to meet the parallel exchange rate masking it as exchange rate unification.


After he must have removed subsidy from petrol without any single local refining capacity


How did we get here as a Nation

Till today no palliatives.

They say we should tighten belt but Tinubu is increasing ministers because he wants to compensate people.

Our representatives in Government at the National Assembly are receiving stress allowances for staying extra 2 weeks inside AC and be doing the very stressful work of shouting Aye and Nay.

Thunder fire anybody telling us Tinubu has hit the ground running, rather he hit the ground and landed on quicksand.

Omo

It is well.

8

Tinubu will make history. It will be 1k soon.
At least every one knows this is a Yoruba government. We'll sit back and watch their administrative 'ingenuity'.

Nigerians should not panic. The senate president will send some token to everyones bank account to cushion the effect of subsidy removal

What’s going on Jesus!

Ok

Niaja ... A country on downward spiral

It is finished.

Only very few non-yorubas know that the Yoruba nation is under a curse placed by alafin Aole in 1836.

Make Elon musk pay my money....

Free fall

Ok...

How I wish naira will weaken to $1 = ₦2000
💃💃💃💃💃💃💃💃💃💃

So that those of us making money in $$, yahoo boys, Amazon Kindle publishers, crypto traders, forex traders, programmers etc will blow like atomic bomb 🤣🤣🤣

This morning alone, I never even chop breakfast 👇👇👇👇

1k soon

Ahh!! So why did they float it?

Finally!

it is WELL

Tinubu is making prophets out of naysayers...!

They all said Naira will depreciate from #1000 to $1 by December this year... Seems CBN is way ahead of them.

At this rate, it will be #1500 to $1 by Christmas... This is damning and historic.

This weakness will Favour me and my Family

I have this group, they want their name to appear on Google when ever someone searches for them. Pls how can i go about it?

This is favor me and my family 💖

with the war in Niger expect the naira to fall further

$1m = 1b naira soon

Agbado dun use tax finish una. GSK is no longer in Nigeria and I pity una life

Naira is crashing on a daily basis.

Fuel is above N600 per liter.

Gas is going up.

Inflation is at it's all time highest.

People can barely afford to feed their families.

Senators are allocating holiday allowance to themselves.

Yet some dumb people are blaming Igbos for the coup in Niger. What concerns the average Igbo man with what's going on in Niger?

Nigeria has never had it this bad. This is what hatred can do to a nation. When you think you're punishing someone by voting an incompetent leader just to spite them, everyone suffers.

Welcome to the world of Tinubonomics...the world bank and the west now has a puppet in place,watch how Nigerian economy will be ruined and keep going down the drain until naira will be as worthless as tissue paper. All you get from your government will be economic jargons and semantics.

K

Since Tinuboo doesn't wanna play ball and dance to the west tune by invading Niger republic..

The west will continue to give him wotowoto and plenty heat plus many more to come. HE HAS NO CHOICE.

Chevron American company invested 13billion usd in that gas pipeline contract from South East to Morocco and Spain via Niger republic..

MNK,Simon Ekpa and Now Niger republic is their problem. And trust Western Oil companies, using your own country army to deal with you wotowoto..If you doubt am, ask Ijaws,itshekiris,Syria and the rest...