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FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom - Business (7) - Nairaland

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FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours / Job Losses, Factory Closures Loom As Unsold Goods Pile Up — MAN / Economic Crisis: Naira To Fall Further In January, Says CBN Report (2) (3) (4)

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Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by emmanuelbrown26: 9:28am On Oct 11, 2023
kushe:


Quit for who now ?
Pls tell me who can fix this country at this point.
Zimbabwe
Venezuela
Argentina
Lebanon
Bangladesh
Nigeria
Children of the same mother and father.
Typical yoruba man, always shifting goal post, ronu dun tire una. Rice bandit
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by emmanuelbrown26: 9:29am On Oct 11, 2023
Saidfx:


Werey, no be your grandpa zik no gree regional government. History, you know not
Rice bandit number 1
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by TheOldGods: 9:30am On Oct 11, 2023
lexy2014:
Tinubu has hit the ground running to the extent that the ground is now shattered from the hitting.

He is a "first class" accountant, a strategist, the builder and bricklayer of Lagos yet he has absolutely no olan6as to how he will govern Nigeria
which first class?
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by able20(m): 9:30am On Oct 11, 2023
SW's turn to produce a President with first-degree with a renewable Shege-Banza economy

1 Like

Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by emmanuelbrown26: 9:33am On Oct 11, 2023
kushe:


I actually totally agree with you,but what is the koko ?
We don't lost,how do we find our way to where we dey go ?
Not boosting, Yorubas dun turn to begging every corner, so if u say u dun lost fine not "we" bcs whether Tinubu like sit or not, that igbo trader is adding more profit to his business while that hausa farmer is adding his own
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by ChybuzzDD(m): 9:34am On Oct 11, 2023
iwaeda:
•Forex crisis hinders raw materials procurement, causes financial problem – NECA

•SMEs decry impending shutdown, Reps probe airlines, schools demanding dollars





https://punchng.com/forex-crisis-naira-plunges-to-1025-job-losses-factory-shutdown-loom/

When will Nigerians decide to go on a revolution, please??

Are our people normal at all??

No other people on earth would accept what Nigerians are passing through!

This is unimaginable.

1 Like

Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by ChybuzzDD(m): 9:36am On Oct 11, 2023
Bliss52:
cool



Thank Allah

Alhamdulilai

My next cash out go Go boy, e go plenty


Best news ever

If you cashout just $100 na 100k
If you cashout just $1000 na #1m

Go and learn KDP publishing and write a book
Go and learn yahoo yahoo and cash out small small amount
Go and learn Affiliate marketing.
Go and learn Forex
Go and learn Canva graphics designing
Learn Charcoal exporting





.

Inflation will still eat it up, you unreasonable idiot!

This selfishness and foolishness is the reason that country will never prosper
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by Lastmankc(m): 9:36am On Oct 11, 2023
Thank God tinubu is the president even by his crook ways.If not,we will be saying that we miss something
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by emmanuelbrown26: 9:37am On Oct 11, 2023
kushe:


My point all along.
Akpabio don chop better seafood okro with orisirisi this morning, u think he gives a hoot about some correct English speaking fellows reacting to current affairs.
I don't envy Tinubu because I think the man really thought he had a plan till he realized he was an outsider all along. He never realized the enormity of Nigeria's problem.
Buhari on the other hand put Nigeria on autopilot without a care in the world of the resultant consequences.
I keep saying it that d mist dumbest tribe is Yoruba, how could u bring buhari into dis discussion, u hv started d same blame game buhari did when Jonathan left.
See a failure is always a failure, was it not Tinubu that helped akpabio to enter that senate president seat?
Was it not same Tinubu that helped buhari?
Was it not same Tinubu that was busy avoiding debates all along?
Right from d beginning d sensible and wise Nigerians never expected an inch from Nigerian economy. I mean inch, that's to show u that d sensible ones were prepared.
When u look at those that started crying all over after d subsidy removal, it was Yorubas and still them.
D other time it was a caller from Ondo,
Another, rice banditry
Another Yoruba elders
Then d Almighty Ooni of Ife

2 Likes

Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by emmanuelbrown26: 9:40am On Oct 11, 2023
kushe:
I love when intellectuals comment,but sir how do Nigerians make it to Christmas because in case you are not aware, "igborotidaru "
U hv being asking this question since, if u Wan ideal go and meet sound economist not papte economist. Tinubu just surrounded himself with crook economists
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by lexy2014: 9:42am On Oct 11, 2023
TheOldGods:
which first class?

Na so dem talk ooh. That's why I put in quotation. At least, we are seeing the "first class" governance
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by emmanuelbrown26: 9:42am On Oct 11, 2023
Lastmankc:
Thank God tinubu is the president even by his crook ways.If not,we will be saying that we miss something
I swear to gawd bro, same ting dumb Yoruba did 2015, 2019, 2023. They won't hv allowed us to hear word, face of Lagos indeed, Tinubu developed Lagos, let him come and develop Nigeria na. Useless tribe

1 Like

Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by Bullet01(f): 9:43am On Oct 11, 2023
APC have finally run this country aground. Useless party of scammers and thieves. Tueh
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by lexy2014: 9:44am On Oct 11, 2023
emmanuelbrown26:

U hv being asking this question since, if u Wan ideal go and meet sound economist not papte economist. Tinubu just surrounded himself with crook economists

Who are the "crook economists" Tinubu surrounded himself with?

If the economists he surrounded himself with are crooks, then what is he?
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by poweredcom(m): 9:44am On Oct 11, 2023
Bliss52:
cool



Thank Allah

Alhamdulilai

My next cash out go Go boy, e go plenty


Best news ever

If you cashout just $100 na 100k
If you cashout just $1000 na #1m

Go and learn KDP publishing and write a book
Go and learn yahoo yahoo and cash out small small amount
Go and learn Affiliate marketing.
Go and learn Forex
Go and learn Canva graphics designing
Learn Charcoal exporting





.

Ehn yes its good to earn in dollar nut remember yiu will spend more cos of the high cost of items

1 Like

Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by gideonvalor98(m): 9:46am On Oct 11, 2023
Racoon:
Renewed, reloaded, and upgraded shege promax fully revised. And the balabloo-blu-bulava Lagos economic expert Tinuboeconomics misfortune and woes continues.

He did it woefully in Lagos with the stupendous IGR and left it in an unimaginable debt burden state. But I guess him and his zombies said "nah statistics we go chop"?

Now, the statistics is hitting them hard. Baba Tosibe CSU diploma certificate forger is a disaster unleashed after Buhari. Nigerians continue to brace for impact. The ride is getting more gwnopy, gwonpy.

Will your clueless Obi do better? We see his ignorance in full display at every interviews he had, most recent is that of Arise TV where you will see that this man will have been a disaster FAR MORE than the temporal challenges we are facing now. He said in that Arise interview that "I will devalue the naira to about #600" this statement was against what is in him policy document...and also expose the fact that, he will resort to defending the naira. The question now is HOW WILL THAT HAPPEN WHEN OUR FOREIGN RESERVE IS DEPLETED...most of you OBIFOOLS don't have SENSE...like EXTREMELY LOW I.Q...you think PROSPERITY IN ECONOMY is MAGIC or A DAY'S JOB...your IGNORANCE have no CURE!
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by themanderon: 9:48am On Oct 11, 2023
Renewed hope indeed. Are you guys missing buthari and his failures or not? We all can answer that
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by frog12: 9:52am On Oct 11, 2023
dollar for everything.
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by poweredcom(m): 9:52am On Oct 11, 2023
2pacarnate:
Templercode, freestuffNG,IconicR,bigotic accordogga26,All the agbadorians has left the group chat,ronu how far,history will remember that it was yorubas that destroyed this country, sorry to yoruba obidients,blame your brothers,if one finger touch red oil,e go reach other fingers.

Igbos will never rule this country,now am.loving that saying more and more, please obi should forget about presidency biko nwanne,make we suffer Wella,me I know say we igbos are used to high cost if living,at least for east we no dey join two with strangers ontop okada😂that na Yoruba signature

Am proudly igbo,to hell with presidency,we all know who is feeling the.heat more right now😂

Truly they are demons , they caused all what nigeria has been going thru till today , their youths these days are not it , back then the youth of yorubas are very cordinated but today ...they are being used by politicians and many are now cultist by association

Owu don blow dem hardly now o , enter lounges and beer palour they can't even ball , na mostly igbos traders de ball , am not saying yorubas and other tribe dont spend money o but e de pain dem as dem de spend as no hope de to hustle de bar back unlike igbos who are business minded and can spend a day and get the money back the next day

E pain me o , say nigerians allow tinubu to seat in power

1 Like 1 Share

Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by emmanuelbrown26: 9:53am On Oct 11, 2023
lexy2014:


Who are the "crook economists" Tinubu surrounded himself with?

If the economists he surrounded himself with are crooks, then what is he?
He's d CEO of them all.
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by elipheleh(m): 9:54am On Oct 11, 2023
Skepticus:
grin

It will be an extraordinary miracle and great surprise if 1 Dollar does not hit N2000 by the time this clueless administration is done, with Nigerians.
.


what are you saying?

4 years is too far.

Dollar will hit N2000 before March next year.

You go bet me?

1 Like

Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by 9gerian: 9:54am On Oct 11, 2023
There is actually a global economic crisis made worse by the Russia/Ukraine war:

https://www.reuters.com/markets/imf-says-global-economy-limping-along-cuts-growth-forecast-china-euro-area-2023-10-10/

https://www.chronicle.ng/2023/10/homeless-residents-sleep-in-cemetery/

Israel/Palestine war will equally create more impact.

But the impact of these external events on Nigeria (and other oil producing countries) could have been well mitigated if the governments over the last 14 years knew what to do to make the nation energy efficient (optimum crude production) and sufficient (working refineries to efficiently meet local demand for petroleum products).

It is noteworthy that the last government did try in the agricultural sector with local production of rice, however, it equally sabotaged its own efforts with the free reign by the killer herdsmen and bandits that kept farmers away from their farms. Incredible indeed.

The government must declare a state of emergency in its energy and food sectors (food was declared but we are yet to feel the impact) to maintain a stable economy whatever it takes. Take care of those 2 things and the economy would stabilize gradually. Nigerians are a resilient people.


kushe:
I love when intellectuals comment,but sir how do Nigerians make it to Christmas because in case you are not aware, "igborotidaru "
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by poweredcom(m): 9:56am On Oct 11, 2023
gideonvalor98:


Will your clueless Obi do better? We see his ignorance in full display at every interviews he had, most recent is that of Arise TV where you will see that this man will have been a disaster FAR MORE than the temporal challenges we are facing now. He said in that Arise interview that "I will devalue the naira to about #600" this statement was against what is in him policy document...and also expose the fact that, he will resort to defending the naira. The question now is HOW WILL THAT HAPPEN WHEN OUR FOREIGN RESERVE IS DEPLETED...most of you OBIFOOLS don't have SENSE...like EXTREMELY LOW I.Q...you think PROSPERITY IN ECONOMY is MAGIC or A DAY'S JOB...your IGNORANCE have no CURE!

Oga shut up , you deserve to be slapped hard on ur back ...Abaaara type of slap to reset your brain cells which are dead

You are a sadist and one of the problems we have in Nigeria

No body is too holy but the best candidate amongst Atiku , tinubu and OBi ...was OBi even yorubas know that but tribalism no let dem see road ....dem say na their turn and this is a tribe that boast of being more educated .....

Una never see anytin .....garri una no go see drink later

Big ups to the good yorubas that supported Obi , God will bless them

4 Likes 1 Share

Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by elipheleh(m): 9:56am On Oct 11, 2023
specialmati:
grin grin grin grin grin grin grin grin grin grin grin grin the wise men from the east knows that the old analog man is not updated with this century economics.they avoided him and some mudafuckers thought its hate. you dont hate someone that has nothing to offer.dollar may hit 1500 before july next year if this man is retain. i thought buhari was the baddest but we have the worst now supported by imported assholes from hell

Before December 31st this year 2023, dollar will touch N1500.
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by Brendaniel: 9:56am On Oct 11, 2023
kushe:


My point all along.
Akpabio don chop better seafood okro with orisirisi this morning, u think he gives a hoot about some correct English speaking fellows reacting to current affairs.
I don't envy Tinubu because I think the man really thought he had a plan till he realized he was an outsider all along. He never realized the enormity of Nigeria's problem.
Buhari on the other hand put Nigeria on autopilot without a care in the world of the resultant consequences.

kushe:
I listen to all the news analysis on the radio in the mornings and then Nigeria info in the afternoon to still hear people react but then I have found out that we have been analysing forever.
Nobody has the solution to our problems at the moment, not Tinubu,not Cardoso,not Peter Obi.
We are in deep shit and only honest people will acknowledge this.
My solution is keep trying but don't make a terrible situation dire.
I knew things were bad when a couple of days ago,as I was contemplating what to tell someone that was calling me,another call came in and then another. All billing,all relatives,different locations.
Nigeria breaks your heart.

Oga you are throwing baseless facts, for you to say nobody has the solution to Nigeria's problems is a poor judgment on humans in general, that a car is faulty and different mechanics have tried and are unable to fix it does not mean there is no mechanic in the world who cannot fix it, the worst a mechanic should do to a car is to make it worse than they brought it to him and that is what Buhari and Tinubu have done so far.

You are only trying to defend Tinubu it is like someone failing an exam and is claiming that nobody else can pass that exam because he is the only one writing it, I mean how many people can be president of Nigeria at the same time, when we have the opportunity to select president some people believe that even if some certain tribes have the best candidate that they should never be given the opportunity to rule and you expect the country to move forward

Now the citizens can do little or nothing to change anything, if you supported Tinubu then you are part of the problem of Nigeria because the evidence was overwhelming......

1 Like 1 Share

Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by frog12: 9:56am On Oct 11, 2023
now those dullards in NASS will do serious work grin grin
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by morule20(m): 9:58am On Oct 11, 2023
Racoon:
Renewed, reloaded, and upgraded shege promax fully revised. And the balabloo-blu-bulava Lagos economic expert Tinuboeconomics misfortune and woes continues.

He did it woefully in Lagos with the stupendous IGR and left it in an unimaginable debt burden state. But I guess him and his zombies said "nah statistics we go chop"?

Now, the statistics is hitting them hard. Baba Tosibe CSU diploma certificate forger is a disaster unleashed after Buhari. Nigerians continue to brace for impact. The ride is getting more gwnopy, gwonpy.
The fo*olish drug barron is a big disaster, but the fo*olish people that voted him in is equally feeling d heat
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by morule20(m): 10:00am On Oct 11, 2023
iwaeda:
Tinubu economic wizard. You will understand when it is N2500 to dollar. Yet some wicked and senseless people will be defending useless politicians, while their children use the private jets. . grin grin grin grin grin grin
This drug baron and his supporters deserved to be cursed.. set of fo*ols
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by Swiftgrp: 10:02am On Oct 11, 2023
grandstar:
The CBN has to increase interest rates to a level it can start slaying inflation. If done, the Naira would become stronger. I won't be surprised if it hits about 800.

However, it's as though Tinubu is worried that any steep rate rise lest it tilts the economy into a recession. This is inescapable.

With a stronger Naira and lower inflation, the positive effect would outweigh the any recession or downturn it brings.

Cheaper prices are like a God send.

The CBN needs to open up to how much is in the foreign reserves. The government has kept mum about it. If the rumor that it has fallen to $4bn is true, the country might have no choice but to approach the IMF

Those criminal black market speculators and FX hoarders won't let your suggestion of increasing interest rates to work. Surveilance and jail time is needed to deal with the menace of greed by the illegal speculators.

Refineries too have to work at near-full capacity to export refined products to generate and conserve FX flows.

The U.S. Fed did the same thing in early 2022 by increasing interest rates back-to-back to strengthen the
USD and curb domestic hyperinflation and it worked [although the stronger USD weakened several global currencies as a result of those U.S. interest rate increases], but Nigeria will experience artificial sabotage unless the CBN gets tough on saboteurs and FX from refined commodities exports are encouraged.
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by VeeVeeMyLuv(m): 10:03am On Oct 11, 2023
Ventura1:
Why are we obsessed with dollars?
No reasonable administration will inherit the over $6bn FX backlogs and still continue with the policy that birth. In as much FX do not significantly affect our basic staple foods and other needs, Nigerians will still survive.
It is affecting it
Even impacting the gas of price

The devaluation has affected virtually all prices of good and services.

In all these yet the the take home wages remain unchanged. Making the situation very excruciating for a lot of household. Very diabolic policies
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by enemyofprogress: 10:04am On Oct 11, 2023
I just hope seun will not layoff his moderators. If he does, e go sweet me for belle well well. Their own too much, especially that guy that banned me till 2031.
Re: FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom by gideonvalor98(m): 10:06am On Oct 11, 2023
poweredcom:


Oga shut up , you deserve to be slapped hard on ur back ...Abaaara type of slap to reset your brain cells which are dead

You are a sadist and one of the problems we have in Nigeria

No body is too holy but the best candidate amongst Atiku , tinubu and OBi ...was OBi even yorubas know that but tribalism no let dem see road ....dem say na their turn and this is a tribe that boast of being more educated .....

Una never see anytin .....garri una no go see drink later

Big ups to the good yorubas that supported Obi , God will bless them

Your father deserves to be hanged publicly for not aborting a slowpoke and a senseless child like you. Obi ko...pako ni! Ode boy. Thunder fire that your useless and retard brain. Na una wey dey jobless that will cry tire. If eventually you get biafra, you can install your DUMMY OBI as lifetime ruler...but in this NIGERIA, OBI will never get there...y'all OBIFOOLS suppose go hide IN shame as that mumu man display IGNORANCE AND CLUELESSNESS at every passing day. GOD FORBID, NIGERIA WILL NOT JUMP INTO FUTHER PROBLEMS WITH THE MUMU OBI. that's the reason we DISGRACED HIM with votes...only you TRIBALISTIC AND BIGOTED REGION voted your DULLARD SON...AND OTHERS THAT FALL FOR HIS RELIGIOUS PROPAGANDA

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