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Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM - Business - Nairaland

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Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by Okirinwankwa76(m): 4:47am On Dec 08, 2023
Naira falls to N1200/$ in parallel market, gains 11% in NAFEM
Naira falls 18% to N951.22/$ in NAFEM


The naira depreciated yesterday to N1,1200 per dollar in the parallel market from N1,172 per dollar on Wednesday.

However, the naira yesterday appreciated to N843.07 per dollar in the Nigerian Foreign Exchange Market (NAFEM).

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N843.07 per dollar from N951.22 per dollar on Wednesday, indicating 11 percent or N108.15 appreciation for the naira.

As a result, the gap between the official and parallel market exchange rates widened to N356.93 per dollar yesterday from N220.78 per dollar on Wednesday.

Mr. Yakubu Ahmed, a black market trader said high demand for dollars still persists despite traders’ anticipation of a positive change in the trend of the foreign exchange rate.

“There is still high demand for dollars but little access to it. I sold a dollar today for N1,200 and bought for N1,180.

“Though we anticipate a positive change from the current trend of depreciation of the naira.

“But most traders are still worried that the naira might be in a falling trend for a long period due to decline in foreign exchange inflows which is also affecting the official market.”

https://www.vanguardngr.com/2023/12/naira-falls-to-n1200-in-parallel-market-gains-11-in-nafem/

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by IVORY2009(m): 4:52am On Dec 08, 2023
grin grin

8 Likes 1 Share

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by IkeIgboNiile(m): 5:14am On Dec 08, 2023
What does this really mean? Is it that $1 =#1200?

11 Likes 2 Shares

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by socialmediaman: 5:15am On Dec 08, 2023
Tinubu is building the naira, have hope. It’s growing towards N2,000 = $1. He wasn’t a first class accountant for nothing

93 Likes 11 Shares

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by Bobloco: 5:23am On Dec 08, 2023
Tinubu and his patch patch CV CBN governor have wrecked this country

52 Likes 5 Shares

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by Ondoterrorist: 5:26am On Dec 08, 2023
Finished nation

39 Likes

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by TruthsFM: 6:10am On Dec 08, 2023
Soon it will reach $2k by the end of December or early January

37 Likes 1 Share

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by WealthyNigerian: 6:36am On Dec 08, 2023
TruthsFM:
Soon it will reach $2k by the end of December or early January
See: https://www.nairaland.com/7929097/why-naira-stengthen-against-dollar

3 Likes 1 Share

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by SALLYBERRY01(m): 6:36am On Dec 08, 2023
nothing to celebrate here
Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by Emergingnation(m): 6:37am On Dec 08, 2023
Yoruba Muslims government has finally destroy this shithole... grin

The most sophisticated people/region indeed. grin


Governing is different from propaganda...

53 Likes 7 Shares

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by PotatoSalad(m): 6:37am On Dec 08, 2023
Remember, Tinubunomics 🧏🏾‍♂️
He did it in Lagos, he'll do it in Nigeria, they said.
He developed Lagos, he'll make Nigeria better than dubai, they said.
Give him time, they said.

You guys haven't seen anything yet. Whether you support Peter Obi, Atiku, or Tinubu, everybody go buy jeans 15k.
Food that was 850 at some restaurants, is now 2,000+ (remember this was the option for people on low income that couldn't afford fine dining or expensive restaurants)
Bread of 3h is now 1,200+ (anything cheaper than that is just chaff)

When we said it'll touch everyone, it wasn't pessimism. It's reality.

65 Likes 6 Shares

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by Keme4Real(f): 6:37am On Dec 08, 2023
I call for 2000 before Christmas.

E Go favor me and my descendants

12 Likes

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by BigDawsNet: 6:37am On Dec 08, 2023
It's really going up everyday...

Pounds has gone up to the extreme

Japa people.. God will be with you this period, Study in the UK that used to be around 6m is now 14m...

It's well with us all

23 Likes 1 Share

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by Lovemeharder(f): 6:37am On Dec 08, 2023
Nigeria is finished.

5 Likes

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by Akwamkpuruamu: 6:37am On Dec 08, 2023
Na statistics we go chop?

A demented cocaine sniffing baron infamous statement. See naira plummeting like the depths of an oil well

47 Likes 6 Shares

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by Brendaniel: 6:38am On Dec 08, 2023
I was laughing when Tinubu supporters were claiming that with what Tinubu has done the dollar will keep falling and were threatening everyone to start selling their dollars.

I knew Tinubu and his appointees were using cosmetic approach to handle it and it will clean off after a while.

The major FX problem is not based on importation as Tinubu supporters have been made to believe, it mainly lies with corruption perpetrated by the same government and their cronies with a few outside of government.

31 Likes 6 Shares

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by fourboys: 6:38am On Dec 08, 2023
E too early abeg embarassed
Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by seeyounow3: 6:39am On Dec 08, 2023
Nigeria is set for investment

T hisGlobe.com never seen pictures of Lagos

https://t hisglobe.com/index.php?board=16.0
Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by EdiskyHarry: 6:39am On Dec 08, 2023
Under buhari Nigeria was taking 100 steps backward in every minute, but under tinubu Nigeria is taking 100000 steps backward in every second.
No good news since he entered office apart from hardship, misery, hunger, students dropping out of school, high food prices, sanators sharing cars and billions on daily basis.
My only happiness is, no matter your tribe, religion, political party or whatsoever, we are all in this together, no special treatment is given to any average Nigerian.

27 Likes

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by Anonimoux: 6:39am On Dec 08, 2023
When you are an unproductive nation, this is usually the results.
If only Nigeria can just fix these two things: Security and Power, it would have attracted foreign investment because it would cost less to establish businesses here. But these blockheads won't think. Tufiakwa.

9 Likes 4 Shares

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by Righthussle: 6:39am On Dec 08, 2023
Don't worry our Arrester has arrested dollars forever. Naira will continue to rise according to the holy decree. Just keep bringing in your tithe in dollars.
😄😄😄😄😄

In 2016 when " Our Arrester " made this decree 1 Dollar was equal 194 Naira
After the holy decree na so naira begin rise
Today
1 Dollar is equal 1200 Naira

There's nothing their god cannot do. He has made naira rise so high.


If you're reading my comment, I have a message for you.

MIRACLE HEALING IS FAKE. Don't patronize miracle healers. Go to hospital if you're sick

12 Likes 3 Shares

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by LadyRosa2(f): 6:39am On Dec 08, 2023
angry

Na yahoo boyz wey dey see money get this economy like this.

Ritual murders will be on the increase this regime. sad

4 Likes

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by VikingKing: 6:40am On Dec 08, 2023
FreeStuffsNG, I'm waiting for you to come and justify this. Come and tell us how your useless principal plans to convince foreigners to invest in Nigeria when the country is on a steady free fall? APC minions, a time will come when people will start to stone some of you. We're almost there.

18 Likes

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by LadyRosa2(f): 6:40am On Dec 08, 2023
IkeIgboNiile:
What does this really mean? Is it that $1 =#1200?

Yes sir! grin

4 Likes

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by Raxxye(m): 6:40am On Dec 08, 2023
Na so this naira no dey ever get stamina; every time naira is falling!

3 Likes

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by SKYHIGHfx: 6:40am On Dec 08, 2023
I no longer check exchange rate....

1 Like

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by wrongnumber: 6:41am On Dec 08, 2023
Yoruba ronu.


We don't have a president but a motivational speaker.

1 Like

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by kcprince: 6:44am On Dec 08, 2023
A lot of our crude is being stolen. If this government is serious about stopping the theft they will. Also they should allow the bdc to resume access to dollar from CBN. This will unify the exchange .
Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by Faiththatworks(m): 6:46am On Dec 08, 2023
Hi
Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by Dididrumz(m): 6:49am On Dec 08, 2023
Eyes will cry blood.

SKYHIGHfx:
I no longer check exchange rate....

It breaks the heart.

2 Likes

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by StraightGaay: 6:51am On Dec 08, 2023
EdiskyHarry:
Under buhari Nigeria was taking 100 steps backward in every minute, but under tinubu Nigeria is taking 100000 steps backward in every second.
No good news since he entered office apart from hardship, misery, hunger, students dropping out of school, high food prices, sanators sharing cars and billions on daily basis.
My only happiness is, no matter your tribe, religion, political party or whatsoever, we are all in this together, no special treatment is given to any average Nigerian.
Like speed of light.

1 Like

Re: Naira Falls To ₦‎1,200/$ In Parallel Market, Gains 11% In NAFEM by Dialpad: 6:51am On Dec 08, 2023
This is not cool ... if you are an importer, this is definitely not a good time.

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