I was telling one guy here the other day that Naira will appreciate.. didn't know it would be this fast rho.

Signs of more good things to come..

Godspeed to President Tinubu.. Nigeria shall rise again.

flokii:
I was telling one guy here the other day that Naira will appreciate.. didn't know it would be this fast rho.

Signs of more good things to come..

Godspeed to President Tinubu.. Nigeria shall rise again.

That is the Official I&E window rate

flokii:
I was telling one guy here the other day that Naira will appreciate.. didn't know it would be this fast rho.

Signs of more good things to come..

Godspeed to President Tinubu.. Nigeria shall rise again.

normal normal we already know una brain capacity. Pele! That is the official rate so'gbo, it depreciated by 21%. For all we know maybe the naira has been quietly devalued again, in a bid to move it as close to the parallel rate as possible.

Bring out the bells and rejoice, for the naira aka Zimbabwe dollar version 2 is worthless OFFICIALLY, and you all will suffer terribly for it. Grandstar how you see the official rate wey don rish 1k? I hope you won't do a 360 like some are already doing claiming foolishly that we don't even need a strong naira. Na the latest song be that.

Asiko ti everybody ma ru ti de...this kin weight loss no need exercise rara. In such a short time, this administration has plunged the country to depths even beyond my expectations, testing the lowest of lows and calling unto the deepest of the deep DAILY! I knew they would fail, just didn't know it will be a miserable and speedy one. Lol

https://nairametrics.com/2023/10/30/exchange-rate-falls-to-n993-1-lowest-level-ever-on-official-nafem/

Nlfpmod seun this achievement is FP material

Olaolex:
This is stupidity at it peak. Very foolish post. Tribalism will end your life one day if you don't desist from being tribalistic.

u de mind those silly beings who don't want to learn.....

opamoses1:
According to Aboki Fx on Twitter:

https://nairametrics.com/2023/10/30/exchange-rate-falls-to-n993-1-lowest-level-ever-on-official-nafem/

Op include a renowned news page so the authenticity isn't in question. You can edit and use this article instead

https://nairametrics.com/2023/10/30/exchange-rate-falls-to-n993-1-lowest-level-ever-on-official-nafem/

Nlfpmod seun

press9jatv:
From ABOKIFX website



https://abokifx.com/home

Aboki fx is really doing a lot of damages to this country, when naira is going down they will keep posting it to encourage people to do more damages and blame the government, but when naira appreciates, the site will go missing in action, is that not a double standard and share hatred for your country. Patriotic Nigerians should drag this site like generator to post the current rate when naira appreciates. It helps in building confidence in naira.

thank God Almighty things are getting better in Nigeria,shun greed and wickedness,stop the noise about dollars,dollar is not our God.

People hoarding dollars, how market?

dominique:
People hoarding dollars, how market?

even Dominique didn't read it right...lol

Let me rephrase, una currency lost even more value (Lost 21% in one day, hence the negative record of the highest rate ever recorded in the official window) and is currently exchanging for almost 1k to 1 dollar in the OFFICIAL window.

If you no hoard dollar wetin you gain....your naira will burn right before your eyes.. just wait more...Kikikiki

Treadway:
even Dominique didn't read it right...lol

Let me rephrase, una currency lost even more value (Lost 21% in one day, hence the negative record of the highest rate ever recorded in the official window) and is currently exchanging for almost 1k to 1 dollar in the OFFICIAL window.

If you no hoard dollar wetin you gain....your naira will burn right before your eyes.. just wait more...Kikikiki

It's not her fault. The OP meant to mislead. Thanks to the mod for modifying the topic to include official rate.

Treadway:
normal normal we already know una brain capacity. Pele! That is the official rate so'gbo, it depreciated by 21%. For all we know maybe the naira has been quietly devalued again, in a bid to move it as close to the parallel rate as possible.

Bring out the bells and rejoice, for the naira aka Zimbabwe dollar version 2 is worthless OFFICIALLY, and you all will suffer terribly for it. Grandstar how you see the official rate wey don rish 1k? I hope you won't do a 360 like some are already doing claiming foolishly that we don't even need a strong naira. Na the latest song be that.

Asiko ti everybody ma ru ti de...this kin weight loss no need exercise rara. In such a short time, this administration has plunged the country to depths even beyond my expectations, testing the lowest of lows and calling unto the deepest of the deep DAILY! I knew they would fail, just didn't know it will be a miserable and speedy one. Lol

https://nairametrics.com/2023/10/30/exchange-rate-falls-to-n993-1-lowest-level-ever-on-official-nafem/

Nlfpmod seun this achievement is FP material

The fall of the Naira is worrying but not too much. Why it is depreciating fast is more important than it is just depreciating.

The primary reason why the Naira is depreciating fast is due to how empty the foreign reserves are. A nation should have at least foreign reserves to cover 3 months of imports. What Emefiele left was less than a month. It is believed that there's less than $3bn while Emefiele was claiming over $30bn. Buhari and Emefiele should be held jointly liable for this mess. Buhari upon assuming office started dictating the exchange rates to Emefiele who did not have the backbone to tell the president off.

Since Buhari wanted very strong exchange rates, demand proved higher than supply. So, more money was coming out of the foreign reserves than coming in. Emefiele was deceiving the nation on the amount left, usually claiming figures of $30bn or more.

That is one reason for the present depreciation.

The second reason is that the CBN presently refuses to raise interest rates to a point it will kill inflation. When inflation is high, the global best practice is for central banks to raise interest rates to a level that will force people to save rather than spend. With less money in circulation, there's less money to buy foreign exchange, which will make the Naira appreciate.

With inflation around 25%, the CBN should fix rates around 25% at the minimum. The present rate is 18% which is not up to the inflation rate, that means the interest rate is negative. People prefer to spend than to save. Unless the CBN increases interest rates to 25%, the Naira will remain very weak and susceptible to depreciation.

For some reason, I doubt the CBN is at fault. I suspect Tinubu is influencing the CBN actions. If true, this is sad as the CBN is supposed to be autonomous. It was meddling by Buhari that brought things to the dreadful state the economy is in today. Though Tinubu has a better gasp of economics than Buhari, he should leave the institution to get on with its job. The CBN did very well during OBJ's era as he gave the Charles Soludo room to operate.

There are more reasons but I'll stop here