Naira depreciated to the worst low in recent times exchanging at N1,043.09 to the dollar at the official foreign exchange market on Thursday.

This is against N872.59 /$ recorded on Wednesday at the Nigerian Autonomous Foreign Exchange Market (NAFEM).


According to dealers, the rate was stronger than N885.88/$ quoted on Friday before the Christmas holidays.


Data from the FMDQ showed that dollar supply increased by 38.81 percent to $127.93 million on Wednesday from $92.16 million recorded on Friday.


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The dollar was supplied by willing buyers and willing sellers who participated in the FX auction at NAFEM.

They quoted the dollar at N1,235.65 on the spot trading, stronger than $1,248 quoted on Friday. For the lower spot rate, the dollar traded for N740, weaker than N700 on Friday.

Data from the FMDQ showed that dollar supply increased by 38.81 percent to $127.93 million on Wednesday from $92.16 million recorded on Friday.
Naira has been rated among the world’s worst performing currencies in 2023.

This is coming on the heels of Bloomberg’s latest report that naira is poised for its worst year since the return to democracy in 1999, with analysts predicting further depreciation in 2024.


https://dailytrust.com/naira-crashes-to-all-time-low-hits-n1043-09-1-at-official-market/

It will strengthen against the dollar next week

Ikaeniyan0:
It will strengthen against the dollar next week

You are a true patriot. 1 dollar will be sold at 200 naira next week.

Well, we're all in for it including the cassava farmers

This makes Bloomberg forecast more scary. I am yet to hear anything about dangote refinery and the much trumped up turn around of port Harcourt refinery.

I am now fully convinced God wants to disgrace a demagogue in power for his boats, blasphemous tendencies and his obstruction of the will of God over Nigeria.

Eastern Nigeria, time to create and economic region independent of the comedy happening in Niger same way white south Africa is running am independent African economy in South Africa

kettykin:
This makes Bloomberg forecast more scary. I am yet to hear anything about dangote refinery and the much trumped up turn around of port Harcourt refinery.

I am now fully convinced God wants to disgrace a demagogue in power for his boats, blasphemous tendencies and his obstruction of the will of God over Nigeria.

Who told you that peter obi is the Will of God for Nigeria. If elections are held after two years tinubu will win without riggings.

kettykin:
This makes Bloomberg forecast more scary. I am yet to hear anything about dangote refinery and the much trumped up turn around of port Harcourt refinery.

I am now fully convinced God wants to disgrace a demagogue in power for his boats, blasphemous tendencies and his obstruction of the will of God over Nigeria.

Eastern Nigeria, time to create and economic region independent of the comedy happening in Niger same way white south Africa is running am independent African economy in South Africa

Dangote is about to start cooking the first batch of crude but that's not what is giving the Naira High blood pressures

It's our tastes for foreign goods and services.

writeprof:


Let's stop blaming the masses for the foolish economic policies that this country has be bedeviled with for years.

People have taste for foreign goods and services in every country of the world. Responsible governments have the responsibility to regulate and control such taste by their economic regulations and policies which are strictly implemented and enforced.

In Europe, you hardly buy a car unless it's necessary as you would have to pay taxes on it, so you see some Europeans who have never driven a car, not because they don't want to but it is not necessary. The European governments have also ensured that the public transport system is well organised so there is an alternative to buying your personal car and paying taxes.

I understand you, Leaders came from Followers.

When leaders were to buy cars, they left Innoson and went for foreign brands.

When the former President was sick, he left best brains here and went to London

When they are to attend foreign events they went there in large numbers.

All these equally count on Naira.

Do you think the Japa movement is not affecting the Naira?
Do you think the paid software does not have effect on Naira.
Do you think unregulated price of National commodities sold Int'l is not affecting Naira

hustla:


Chinese and Indians japa pass us and they also import so talk another one

Our major problem is greed and that we barely produce anything

The strength of any currency is in the balance of Trade/Payments.

Funny enough gains from trade were taken through corruption, yes you're correct.

Just my 2D

tensazangetsu20:


Who told you that peter obi is the Will of God for Nigeria. If elections are held after two years tinubu will win when without riggings.

The psalm 127 verse 1 summarizes everything happening in Nigeria since 2015. Someone switched off the power source and is using something else to run the business of Nigeria.

omowolewa:



Dangote is about to start cooking the first batch of crude but that's not what is giving the Naira High blood pressures

It's our tastes for foreign goods and services.

Do you need another prophet to tell you that all is not well with the dangote refinery or should we keep quiet and keep praying.

There are refineries running in imo, edo etc without this level of drama, let's keep praying everything works out in January 2024

jmoore:

You are a true patriot. 1 dollar will be sold at 200 naira next week.

I agree

Ikaeniyan0:
It will strengthen against the dollar next week

Really

Make una wake me when it don become N1 to $1.

kettykin:
This makes Bloomberg forecast more scary. I am yet to hear anything about dangote refinery and the much trumped up turn around of port Harcourt refinery.

I am now fully convinced God wants to disgrace a demagogue in power for his boats, blasphemous tendencies and his obstruction of the will of God over Nigeria.

Eastern Nigeria, time to create and economic region independent of the comedy happening in Niger same way white south Africa is running am independent African economy in South Africa

The Tinubu governement is fast running out of forex options............The 3 billion dollars they borrowed from Afrexim bank will not last past January! They have virtually no control over remitted forex.............I foresee the government seizing control of domiciliary accounts of depositors, that is the only source of forex still available to the ruling and thieving class........they are bound to do so to prevent a precipitous collapse of the naira! Lebanon and venezuela did the same thing too.........ee don red for the zoo!

Ikaeniyan0:
I agree

Chineke hahaha

If things keep going at this rate, soon enough, we would be able to buy a land in Nigeria with $1. I really do hope it doesn't get to that point.

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We pray for better days... Some people are happy with dis news.... How bad news go dey give people joy?

Tinubu's destiny is to bury the country in poverty and hardship while being cheered on by Yoruba Muslims...


Brace yourself Nigerians..

" Na statistics una go chop"

Ok

One of APC's empty promises.

👉Are you OK with #157 for $1?

Ikaeniyan0:
It will strengthen against the dollar next week

Reasons for your optimism?

Whatever...!

The Naira no get anywhere else to go but down... Nothing is strengthening it.

No large scale exports... No steeply reduced imports... No meaningful demand for the Naira.

Most wealthy Nigerian citizens have even stopped saving in Naira.

Honestly, no smart Nigerian with access to foreign currency saves in Naira.

Story

Dbull on this one!!!


Please hold me and my guys responsible, the amount of dollar we spent this December is enough to crash naira

This is captive of the might.

Bobloco:


Really

Yes

Ikaeniyan0:
It will strengthen against the dollar next week

This guy is a Yoruba Muslim

They are cheering on Tinubu as he loots the country dry ..
selling false hope to fools on social media..

Renewed shege pro max on the beat

It's a tactical move for the Naira to trick the dollar into thinking we are crashing but watch how we would maneuver the market in the coming days. I have it on good authority from the Tinubu camp. A great tactical play is on the horizon.

the thief said grab it and run.his now running it .it's left for you guys to chase him

sonofElElyon:

Reasons for your optimism?

Afrexim bank $3 billion loan will be gotten next week

Abufo:




The Tinubu governement is fast running out of forex options............The 3 billion dollars they borrowed from Afrexim bank will not last past January! They have virtually no control over remitted forex.............I foresee the government seizing control of domiciliary accounts of depositors, that is the only source of forex still available to the ruling and thieving class........they are bound to do so to prevent a precipitous collapse of the naira! Lebanon and venezuela did the same thing too.........ee don red for the zoo!

that one certain...which is why I am holding and will keep holding my physical dollar stash.