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Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ (11948 Views)

Naira Hits N1,825 To Dollar Despite EFCC Gun Rescue Attempt / Naira Falls To Record Low At I&E Window, Trades ₦‎993/$ / Naira Begins Recovery After Float, Closes At ₦‎664/$ At I&E Window (2) (3) (4)

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Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by iwaeda: 6:59am On Dec 09, 2023
The naira fell to an all-time low of N1,099.05/$ the official Investor and Exporter forex window on Friday to cap what has been a turbulent couple of months for the national currency.

This signifies a 30.36 per cent decline from its closing rate of N843.07/$ according to data from the FMDQ Securities Exchange. This is the lowest rate that the naira has closed since the Central Bank of Nigeria moved to adopt the I&E window as the official trading channel for the naira.

Within the day, the national currency began trading at N844.10/$ before closing at N1099.05/$. Since June, the naira has lost more 40 per cent of its value adding to inflationary pressure in the country.

In June, the CBN declared, “The Central Bank of Nigeria wishes to inform all authorised dealers and the general public of the following immediate changes to operations in the Nigerian Foreign Exchange Market: Abolishment of segmentation. All segments are now collapsed into the Investors and Exporters window. Applications for medicals, school fees, BTA/PTA, and SMEs would continue to be processed through deposit money banks.



“Re-introduction of the ‘Willing Buyer, Willing Seller’ model at the I&E Window. Operations in this window shall be guided by the extant circular on the establishment of the window, dated 21 April 2017 and referenced FMD/DlR/ClR/GEN/08/007. All eligible transactions are permitted to access foreign exchange at this window.”

Since then, the naira has weakened steadily to solidify its place as one of the worst-performing currencies in Africa.

The World Bank recently stated, “So far this year, the Nigerian naira and the Angolan kwanza are among the worst performing currencies in the region: these currencies have posted a year-to-date depreciation of nearly 40 per cent.”
https://punchng.com/naira-falls-to-all-time-low-on-ie-window-hits-n1099/

3 Likes 1 Share

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by Norsemann: 6:59am On Dec 09, 2023
Na statistics we go chop?



Certificate forging maggot of cocaine sniffer 2022

174 Likes 14 Shares

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by Ozommadu: 7:05am On Dec 09, 2023
Omenka come and blame igbos na dem dey destroy this country despite that they've never rule you.


Your Ebola bought yatch 5bn and tinubu wife 1.5bn cars...all imported oo


Hopeless people

145 Likes 13 Shares

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by Brendaniel: 7:10am On Dec 09, 2023
We warned them about Tinubu, they called us haters, to all those who used tribalism to support Tinubu if only your tribal bragging right could reduce the price of garri for you or reduce the price of petrol to 200, I would have said you gained something from tribal support but do you know the very bad part;

Just a reminder Tinubu doesn't give a fvck about you or whatever you go through, he doesn't even need your vote or support in 2027 to get reelected...

107 Likes 12 Shares

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by RecessionistPMB: 7:11am On Dec 09, 2023
Naira is now a shitty worthless note.
The over-hyped Opolo-eye white-powder sniffing criminal and his gang of heartless mafias has buried my dear country.

Quite sad!!!

73 Likes 7 Shares

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by sylve11: 7:11am On Dec 09, 2023
Hmmm cool
Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by Itisallright: 7:11am On Dec 09, 2023
Life of no hope cry...

15 Likes 2 Shares

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by oluwaseunamos33(m): 7:11am On Dec 09, 2023
God 🙏 safe Nigeria

2 Likes

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by femi4: 7:11am On Dec 09, 2023
Normal tinz , Dec is when directors steals public funds and they prefer to do it foreign exchange
Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by somito121(m): 7:12am On Dec 09, 2023
Petrol subsidy should have remained because it seems we only removed it to enrich the politicians.

82 Likes 8 Shares

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by TheGoodJoe(m): 7:12am On Dec 09, 2023
All those supporting this government one way or the other are the true enemies of Nigeria.

How can you people campaign, stab, beat people to put a man who you can't make a manager of a shop or moderator of forum as President?

54 Likes 2 Shares

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by ufotty2001: 7:12am On Dec 09, 2023
Dangote refinery is our only hope to reform our Naira.

4 Likes

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by crossfm: 7:12am On Dec 09, 2023
Hehehe.

All the clowns celebrating the removal of subsidy and floating of naira should come and celebrate this news.

A man had no plans,but was shouting subsidy is gone and they were calling him magician. As if that wasn't enough,he came with the idea of floating the naira and they also danced and proclaimed him the greatest economist, without asking him about the plans he has for the country.

Their only defence now is that Dangote refinary will soon start operating,as if Dangote will be sharing food and fuel to the whole nation for free.

68 Likes 8 Shares

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by Flame333: 7:12am On Dec 09, 2023
May the suffering continue to favour them and their families

Among the 1001 ways to die, voting APC is number one..

54 Likes 3 Shares

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by symbianDON(m): 7:12am On Dec 09, 2023
Tinubu is sinking Nigeria daily!

34 Likes 2 Shares

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by illuminutty: 7:12am On Dec 09, 2023
The best decision I made this year was changing every penny in my savings to dollars at the rate of 760/$ in January this year.

Thank you Jagaban. Your government is really favoring me and my family.

50 Likes 2 Shares

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by samuelglobal: 7:12am On Dec 09, 2023
cry
Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by Ogene001: 7:14am On Dec 09, 2023
Ozommadu:
Omenka come and blame igbos na dem dey destroy this country despite that they've never rule you.


Your Ebola bought yatch 5bn and tinubu wife 1.5bn cars...all imported oo


Hopeless people
You de mind the mofos. They will leave the president, CBN governor, finance minister, custom and immigration and start blaming importers doing legitimate legal businesses

40 Likes 5 Shares

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by nairalanda1(m): 7:14am On Dec 09, 2023
Manufactured goods and services'.

Strong currencies.

2 Likes

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by MuslimIgbo: 7:14am On Dec 09, 2023
SIMPLE ARITHMETIC.

OIL IS OUR MAJOR BUSINESS.

Government exports oil, gets dollars and pockets the majority of it.

Private marketers scrambles for the leftover dollars and from other sources at very high rate (which causes it to continue to go up) to import refined oil to sell to Nigeria.
Same thing with other importers.



A CURSED COUNTRY FILLED WITH ENEMIES OF THEMSELVES WHO HATES UNITY.

- THEY (AB0KIS-FOOLANIS) WILL CONTINUE TO SABOTAGE THE POSSIBILITIES OF US HAVING A FUNCTIONAL REFINERIES. STEAL MONEY, DO BOKOHARAM ETC...
9JA DELTAS WILL CONTINUE TO STEAL OIL AND DO OIL BUNKERING...

- YIBS WILL CONTINUE WAIL COMMIT CRIMES AND SHOUT BIAFRAUƊ...

- WASTERS... WETIN CONSIGN US MINDSET? THEY WILL CONTINUE TO GO ANYWHERE BELLE FACE...

THIS COUNTRY WILL CONTINUE TO GET WORSE, SO LONG WE CONTINUE THIS UNHOLY 1-NIGERIA.

6 Likes 2 Shares

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by nairalanda1(m): 7:15am On Dec 09, 2023
ufotty2001:
Dangote refinery is our only hope to reform our Naira.

Oga, we need more than Dangote refinery.

We need to become a nation that exports manufactured goods and servicies. That is the secret of nations with strong currencies.

6 Likes 1 Share

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by nairalanda1(m): 7:15am On Dec 09, 2023
somito121:
Petrol subsidy should have remained because it seems we only removed it to enrich the politicians.

If we kept that subsidy, and even then what tinubu has done is partial removal......we would have had an exchange rate of N2000 to one dollar by now. And a debt reaching 70 trillion naira.

There is a reason why all the three candidates vowed to remove subsidy on day one. And there is a cold reason why GEJ wanted to remove subsidy in 2012. s

In 2011, subsidy costs were thrice of what they were in 2010, and were eating up our oil income. That is why GEJ wanted to remove subsidy....and eventually did a partial removal.

Modifed

All I have to do is say Subsidy removal, and people promptly spill the electrons.

I will say it again and again...subsidy had to go. The problem with subsidy is that the production cost and the market price do not listen to any man. People want to be paid, and people want to make money. Period. grin

4 Likes

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by TheGoodJoe(m): 7:15am On Dec 09, 2023
crossfm:
Hehehe.

All the clown celebrating the removal of subsidy and floating of naira should come and celebrate this news.

The block heads that floated the naira are the real jokes. In a floated currency market, you can only get good rates by sound economic actions.

As long as this government keeps wasting funds and not investing in critical areas, this will keep happening. No trick will work except sound investment policies.

21 Likes 1 Share

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by TheGoodJoe(m): 7:16am On Dec 09, 2023
nairalanda1:
Manufactured goods and services'.

Strong currencies.

Simple. Not travelling to Dubai for Owambe.

All those standing on mandate, get ready to tear rubber leg.

14 Likes 2 Shares

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by iwaeda: 7:17am On Dec 09, 2023
It will favour me and my family. God has Divinely Reposition us, We shall flourish in hard time, Jesus is Way maker. If anybody said Tinubu will be WORSE than even Buhari, people will claimed he DEVELOPED Lagos. grin grin grin grin

16 Likes 4 Shares

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by Obidense: 7:17am On Dec 09, 2023
Mtcheeeeew
Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by Khyrvxjzy: 7:17am On Dec 09, 2023
chai
make i no talk say i like tinubu before ipob use me taste cannibal
Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by Menclothing: 7:17am On Dec 09, 2023
Local manufacturers should be fine
Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by TheGoodJoe(m): 7:18am On Dec 09, 2023
Peter Obi abusers, the floor is open. Continue with tribal and religious voting choices. Don't vote character and competence.

It will touch you.

22 Likes 2 Shares

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by nedekid: 7:18am On Dec 09, 2023
Yeah, and so? He is fulfilling his campaign promise of reducing the purchasing power of Nigerians. He proposed it as part of his economic blueprint and some Nigerians cheered him.
We must lay on the bed we made.

https://www.youtube.com/watch?v=8v0dsd_gfjQ?si=-o9dbDdY6ETJc09K

6 Likes 2 Shares

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by Themanleshey: 7:18am On Dec 09, 2023
iwaeda:

https://punchng.com/naira-falls-to-all-time-low-on-ie-window-hits-n1099/

Food don ready, make una come wail as usual .

My question still remain that, how many Nigerians can afford to buy a car when it was sold for less than 1200 naira ?

When 1 Naira was equivalent to 1 pounds ?

You better hustle hard and forget this dollar ish.

A word is enough for the wise !

3 Likes 3 Shares

Re: Naira Falls To All-Time Low On I&E Window, Hits N1,099/$ by tesppidd: 7:19am On Dec 09, 2023
grin

Poor man should tighten belt they say,,

But they are renovating official residences for billions of naira, buying luxury vehicles for billions of naira, eating food for billions of naira.

And they the worst part of it all,,

They have supporters!

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