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Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market - Business - Nairaland

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FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours / Naira Depreciates By ₦‎81/$ At Foreign Exchange Market / Naira Continues Free Fall On Official Window, Trades N1482.57/$ (2) (3) (4)

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Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by Addme: 5:06am On Dec 02, 2023
The naira, on Friday, depreciated marginally to N927.19 per dollar at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the country’s official exchange rate window.

The rate represents a decline of 11.40 percent from the N832.32 recorded yesterday.

According to data from FMDQ Securities Exchange, a platform that oversees foreign exchange (FX) trading in Nigeria, the local currency hit an intra-day trading high of N1,160 and a low of N701.

FMDQ said transactions opened at the rate of N815 to the dollar and closed at N927.19.

The daily turnover recorded at the official window stood at $110.14 million.

Meanwhile, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), had said together with his team, he has been focused on stabilising the naira and reining in inflation.

“We have critically reviewed the effectiveness of the central bank’s monetary policy tools and have spent time fixing the transmission mechanism to ensure the decisions of MPC meetings result in desired objectives,” he said.

“For quite some time, there has been a dislocation of our monetary transmission mechanisms rendering the MPC meetings largely ineffective.”

Cardoso said the measures have already started to yield results, as excess liquidity in the banking system has significantly reduced.

https://www.thecable.ng/naira-continues-free-fall-depreciates-by-11-to-n927-19-at-official-market/amp

2 Likes 1 Share

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by ezekins: 5:47am On Dec 02, 2023
I have been saying it in as much as the government of nigeria has irrationally decided to float naira, we can wake up one day to see that official rate had gone to #2000. If they have sense let them stop naira float. This government lack ideas

77 Likes 9 Shares

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by fnep2smooth(m): 6:07am On Dec 02, 2023
I'm not praying for my beloved country to fall but since we never decided to choose the right people to make drastic decisions for the good of the country, let it fall yakata.

As a Google boy, Google credit me with block last month, something I use to see like 40k as of early this year. Omo I see 90k+ area scatter.


Abeg make nobody DM me, tribalism comments for there don make me dey mean.

😣😣

35 Likes 1 Share

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by money121(m): 6:51am On Dec 02, 2023
Ok
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by RepoMan007: 6:56am On Dec 02, 2023
What we call official window or market is actually a subsidized rate where the connected and elites buy it to fuel their lifestyle.

65 Likes 7 Shares

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by WiszyFraud: 8:16am On Dec 02, 2023
Did you know??



Men,

Just a reminder:

Money attracts broken, damaged and lazy women.

Your FRAME attracts high-value women.



👍

27 Likes

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by Lovemeharder(f): 8:16am On Dec 02, 2023
angry
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by femi4: 8:16am On Dec 02, 2023
Mr gravity can't do anything to save the damn Naira.

This is December.....its expected

1 Like

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by GanagiBitrus: 8:17am On Dec 02, 2023
Managing this entity called Nigeria is simply not working.

Can't we try something different like RESTRUCTURING:- Let there be True Federalism & greater devolution of powers to the States & where every State controls its resources.
It will make many States to sit up & look inwards & strive to be self-sufficient.

You will be surprised by the progress made by each State after 10years.

36 Likes

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by EtinosaDLaw(m): 8:18am On Dec 02, 2023
The people that told you guys that they're standing on mandate have started running away grin

The dream of most of these APC minions on the internet is to make enough money so they can escape the hardship they helped usher in because of their selfishness.

48 Likes 10 Shares

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by callmevirus(m): 8:18am On Dec 02, 2023
Nothing concern me but E dey mind
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by zombieHUNTER: 8:18am On Dec 02, 2023
undecided

Look around you
There's depression, sadness and poverty everywhere

Tinubu came to steal and destroy
That ,he's doing wonderfully well
you can't give what you don't have.. it's obvious

Anyone still defending Tinubu is either the devil or a bloody tribalist

44 Likes 6 Shares

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by philiancoop(m): 8:18am On Dec 02, 2023
That’s not even the actual market value

4 Likes

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by b0rn2fuck(m): 8:18am On Dec 02, 2023
You can't give what you don't have, you bribe and steal to top and expect to change things on merit. Na disaster you go deliver, same to student bribing lecturer just to get good credit certificate, they won't impact the company but become a problem to both company and society. The corruption don't just start from politics and I'm sure it's from bribing in institution, thank God I didn't vote APC

29 Likes 4 Shares

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by BigDawsNet: 8:19am On Dec 02, 2023
Cost of living get higher daily..

Nigerians needs to come together and voye in the right person... all tribalism won't solve anything

18 Likes

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by Psalmspsalms: 8:19am On Dec 02, 2023
if u invested in dollar, it may be wise enough to cash out now

1 Like 1 Share

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by ImDStar: 8:19am On Dec 02, 2023
There's is a big difference between being educated and being knowledgeable.
Many Nigerians are truly educated, but lacks knowledge.

A president that said Na Statistics we go chop, already failed.

2.1 trillion for SUV's and renovation, another 15billion Naira to build new Vice President house.

And if you have someone living in penury and suffering still supporting this useless spending and criminality, then such being shouldn't be living among humans.

44 Likes 2 Shares

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by gbaskiboy: 8:19am On Dec 02, 2023
Many of us have become dollar speculators, once we wake up in the morning the first thing to check is the price of dollar maybe it has gone up or down. Once dollar goes Naira will fall yakata like a tree inflation will follow and prices of goods will go up without coming down. Many families are struggling to survive especially those with little incomes. This economic hardships no be anyone's mate, may we survive it!

7 Likes 1 Share

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by Zimzy(m): 8:19am On Dec 02, 2023
Hmmm. And they kept on bringing new policies they believe will correct the exchange rate but always leads to worsening situation.

4 Likes

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by Akwamkpuruamu: 8:20am On Dec 02, 2023
Na statistics we go chop? Tinubu, 2022

29 Likes 5 Shares

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by Tsolutionifede(m): 8:20am On Dec 02, 2023
fnep2smooth:
I'm not praying for my beloved country to fall but since we never decided to choose the right people to make drastic decisions for the good of the country, let it fall yakata.

As a Google boy, Google credit me with block last month, something I use to see like 40k as of early this year. Omo I see 90k+ area scatter.


Abeg make nobody DM me, tribalism comments for there don make me dey mean.

😣😣
shut up lie lie Igbo boy, whatever that is happening, Peter obi will be worst off

9 Likes 2 Shares

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by specialmati(m): 8:20am On Dec 02, 2023
cool cool cool cool cool the builder of Lagos is in charge,he will build naira once he recovers his money first

15 Likes

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by nairalanda1(m): 8:20am On Dec 02, 2023
What do Japan, South Korea, China, the EU, USA, UK, Norway , Russia, and Switzerland all have in common?

They are ALL exporters of MANUFACTURED GOODS AND SERVICES.

And until Nigeria becomes one of them, we cannot have a strong currency.

The APC and PDP AND millitary governments are all inept because none of them are doing the above. Yes, that includes the Tinubu government too.

14 Likes

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by Mindlog: 8:20am On Dec 02, 2023
Abracadabra! cheesy cheesy cheesy cheesy cheesy cheesy cheesy cheesy

6 Likes 1 Share

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by Kobicove(m): 8:21am On Dec 02, 2023
The only way to stem the continuous depreciation is for the country to vigorously engage in export of goods and services so as to earn more of forex

1 Like

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by BigBlackPreek(m): 8:21am On Dec 02, 2023
Oh Lord have mercy on us in this country

1 Like

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by Helpfromabove1(m): 8:21am On Dec 02, 2023
Can I ask a question?

Is dere still hope for the naira

4 Likes

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by Whalis: 8:21am On Dec 02, 2023
Japa effect . Our leaders think dollar driven importation is the sole cause of the depreciation of naira. This is absolutely erroneous. Nigeria has been importing since independence and naira had been relatively strong and stable.
Naira started a free fall when our leaders turn cannibals and citizens as other animals would do started to migrate en masse. Everyone travelling needs to buy dollars. Check the number of people who have traveled and calculate the amount of dollars needed for such transactions.

18 Likes 1 Share

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by accordadoga29(f): 8:21am On Dec 02, 2023
Tsolutionifede:
shut up lie lie Igbo boy, whatever that is happening, Peter obi will be worst off

Heheheh

Don’t mind okor0s.

Let $1 be N20,000 we are still going to support Ashiwaju.

If Obi was the president and $1 was N3,000, they would still support him.

Obi was a disaster in Anambra as a governor but they still supported him

5 Likes 2 Shares

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by SouthEastFacts: 8:21am On Dec 02, 2023
And Tinubu pegged the dollar in his budget to $750?

Each day reveals what the best of Yoruba brains are capable of.

🤣🤣🤣

23 Likes

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by TheKing4040(m): 8:21am On Dec 02, 2023
Death and sorrow to all APC supporters who supported buhari and also brought tinubu upon us. A once great country where enjoyment was the order of the day is now a shadow of itself with depression and suffering on the faces of the masses while the rulers and their families loot and dine in surplus.

16 Likes 1 Share

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