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Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market - Business (4) - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market (25924 Views)

Dollar Hits All-time Low, Crosses N1,500 At Official Market / Investor & Exporter Window Crashes to All Time Low At N788.42/$1 / Naira Crashes To Record Low At Official Market (2) (3) (4)

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Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by Jonjam269: 9:38pm On Dec 30, 2023
Obirodents have turned Nairaland to Wailingland. Losers

3 Likes 1 Share

Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by Achor1111(m): 9:42pm On Dec 30, 2023
Jagaban is working

1 Like

Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by Achor1111(m): 9:44pm On Dec 30, 2023
zombieHUNTER:


Someone who's more interested in buying yatch and SUVs..

while bandits rape and maim..
Don't mind the mumu
Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by dbestcno(m): 9:47pm On Dec 30, 2023
Shebi dollar no dey expire? Let me find way to buy some because soon we fit buy car with $1 note

1 Like

Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by Kingzrocky: 9:48pm On Dec 30, 2023
adesegun121:
Ok
LOL
Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by teejoyz: 9:49pm On Dec 30, 2023
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

[color=#006600][/color]
You mean to continue producing fake drugs, drinks and exporting hard drugs. Infact easterners are the major people crashing naira coz of their love for importing fake products from China
Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by Tonididdyx: 9:53pm On Dec 30, 2023
A yoruba man esp, can never take criticism or advice from a non native



... Our only solution is no solution ( just wait for 8yrs to elapse)
Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by Blaze14k: 10:00pm On Dec 30, 2023
Judolisco:
We pray for better days... Some people are happy with dis news.... How bad news go dey give people joy?

Is that all you have say.. I tut u guys were bragging few months ego

1 Like

Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by Maski87: 10:01pm On Dec 30, 2023
Zimbabwe money loading
Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by Blaze14k: 10:02pm On Dec 30, 2023
Ikaeniyan0:
How's Tinubu looting the country dry? It seems you know something Nigerians don't know Igbo jew

Na only u dey hia dey run ur mouth like tap water, were are ur colleagues

1 Like

Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by justmondris: 10:04pm On Dec 30, 2023
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.
We don't have a taste for foreign goods and services. The problem is we only produce little to no goods.
Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by oluwaseyi0: 10:05pm On Dec 30, 2023
lamdbull:
Dbull on this one!!!


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

That's why I'm surprised you didn't make it to the Obama music list

3 Likes

Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by Swiftgrp: 10:09pm On Dec 30, 2023
ogododo:
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/
Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by Ikaeniyan0: 10:10pm On Dec 30, 2023
Bayyajidda:


And?
The CBN will be able to clear some of our backlog
Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by faceland: 10:13pm On Dec 30, 2023
Eriokanmi:
Same people staged massive protests when dollar was 250 naira in 2014. Useless leaders.

Leadership isn't about power grabbing.

It was 200 in 2015

1 Like 1 Share

Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by Ikaeniyan0: 10:13pm On Dec 30, 2023
ogododo:
Make una wake me when it don become N1 to $1.
I will wake you up in year 5000
Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by Eriokanmi: 10:15pm On Dec 30, 2023
phr0nesis:

It wasn't up to ₦250 in 2014, it was around ₦160
Thanks for the correction. It was actually 2015

2 Likes 1 Share

Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by DrAkpamudehe: 10:15pm On Dec 30, 2023
Jonjam269:
Obirodents have turned Nairaland to Wailingland. Losers


This one is already cursed to accept poverty as his destiny in life

3 Likes

Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by grandstar(m): 10:16pm On Dec 30, 2023
Ikaeniyan0:
It will strengthen against the dollar next week

As long as the CBN keeps its rates below the inflation rate and had the stupidity of stating that they expect inflation to moderate to 21.4% in the 2024 fiscal, it a very indicative that the government is not ready to put in the required effort to push inflation below 10%.

2 Likes

Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by faceland: 10:19pm On Dec 30, 2023
Wahala. So to subscribe form something that is $20 that is more than 20k naira.

They keep reducing the 'purchasing power' of the masses and expect us to compete with foreigners.
Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by Jokerman(m): 10:20pm On Dec 30, 2023
Ikaeniyan0:
It will strengthen against the dollar next week

Omo Osun... Na hunger go soon finish you.... Continue
Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by Rejouir: 10:20pm On Dec 30, 2023
Those that supported tinubu will cry blood, walaihi. Unless the person is already living a comfortable life and has a good job. 2024 will be a very rough year for alot of people. More inflation, table water would sell for 200. Since some yoruba are yet to have common sense, especially the Muslims. You will cry tyre. Jumia food and bolt food just left, 65% of their workers were yoruba's. And they are now out of work. More companies is about to leave lagos 2024.

4 Likes 1 Share

Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by Johncuppa(m): 10:21pm On Dec 30, 2023
tola268:
Naira depreciation is one of the backbone of economy truncated. At this time, our government should work towards of having creators instead of investors. Our sons and daughters have knowledge of creativity, they can create many things that will improve our economy. The problem we have in Nigeria is that we don't recon with our own, we value foreign things and ideas more than our own whereas those foreign people make use of our children knowledge to improve their economy
Osinbajo said this thing in his manifeso; partnering with the musicians in Lagos, the craft Aba young men and the Northern farmers. But no, this government is not even looking at production, they are just relying on Dangote refinery and Cardozo miracle to stabilize dollar.
Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by sonnie10: 10:22pm On Dec 30, 2023
Boldideas:
If the CBN begs official rate at N200 what exactly will happen? I want to know if am being stupid or the wickedness of Nigerian governments needs a revolution?
Almost all the dollar you hear about are all gotten by exchanging something, in the case of Nigeria, crude oil.
So the amount of dollar you would have depend. on the amount of crude oil you are able to export.

Now let’s assume the federal government made a total of $X amount from selling crude in 2023, used 50% of that to service debt, used 30% for budget allocation and 20% for running the 3 arms of government, the money wouldn’t even be enough. That why Nigeria always have budget deficit instead of surplus like some other countries.
Now you see, that there is nothing left.That is why they go about looking for where to borrow. Borrowing means more interest to pay. This cuts into the little dollar Nigeria was making in the first place. Back to your question. You cannot control what you don’t have. Remember that some debt instruments are obligations. There is nowhere the FG will meet those obligations if dollar they have from other sources ( direct foreign investment, more borrowing, and other export, foreign remittance) is set too low against the naira. Another name for this is Default.
When a country defaults, investors avoid them because they won’t be able to pay debts.

4 Likes 1 Share

Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by happney65: 10:22pm On Dec 30, 2023
Mrchippychappy:
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.

Werey talk grin grin grin grin
Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by adesegun121(m): 10:25pm On Dec 30, 2023
Kingzrocky:
boss, please I really need assistance with #8,000.
I am in a very difficult situation.

Anything will go a long way sir.
0pay, 80 2 99 43 555
Shegun Oshinuiga

STOP IT undecided
Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by writeprof(m): 10:27pm On Dec 30, 2023
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.

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.

4 Likes 1 Share

Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by Objectivist04: 10:31pm On Dec 30, 2023
ogododo:
Make una wake me when it don become N1 to $1.
That means you can will sleep for eternity
Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by Tinyemeka(m): 10:31pm On Dec 30, 2023
lamdbull:
Dbull on this one!!!


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

Au contraire my dear friend.

As more USD flows into our financial system through your spendings, the Naira should grow in strength. It's a scarcity of Forex that causes the Naira to depreciate correspondingly.
Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by Objectivist04: 10:31pm On Dec 30, 2023
ogododo:
Make una wake me when it don become N1 to $1.
That means you will sleep for eternity
Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by Fearyourcreator: 10:34pm On Dec 30, 2023
jmoore:

You are a true patriot. 1 dollar will be sold at 200 naira next week.
If e sell go change am... Because Obi no dey make everywhere scatter .. yeye
Re: Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market by NGArmyTerrorist: 10:34pm On Dec 30, 2023
jmoore:

You are a true patriot. 1 dollar will be sold at 200 naira next week.
Make una dey jounce una selves 😂 😂 😂

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