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Naira Continues Free Fall On Official Window, Trades N1482.57/$ - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Naira Continues Free Fall On Official Window, Trades N1482.57/$ (14605 Views)

Naira Falls At Parallel Market, Appreciates In Official Window / Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market / Naira Falls To Record Low At I&E Window, Trades ₦‎993/$ (2) (3) (4)

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Naira Continues Free Fall On Official Window, Trades N1482.57/$ by ogododo: 10:32pm On Jan 30
The naira continued its free fall on the official Investor and Exporter window of the foreign exchange market, closing at N1482.57/$ on Tuesday.

This is a 9.93 per cent decline from its N1348.63/$ Monday rate according to data from the FMDQ Securities Exchange.

On the parallel market, it remained stable at N1,450/$, and on the cryptocurrency peer-to-peer market, the naira was trading for N1,439.5/$ on Binance’s P2P platform as of the time of filing this report.

The naira has now fallen to a new all-time low on the official market and this can be linked to the technical devaluation of the national currency.

On Monday, FMDQ Securities Exchange, which calculates the exchange rate, revised the methodology used to set the rate. According to some experts, this is a technical devaluation of the national currency.

In a market notice, FMDQ stated, “This revision aims to address recent fluctuations and challenges encountered in the Nigerian Foreign Exchange (‘FX’) Market.”

It highlighted that its new measures will ensure that NAFEX and NAFEM rates accurately reflect market conditions. It explained, “These revisions are focused on enhancing the accuracy and reliability of the NAFEX and NAFEM rates determination process, with a focus on data availability and integrity involving a rigorous data validation process, including tolerance checks which shall be applied by FMDQ Exchange, subject to internal policies and procedures.”

Also on Monday, the Central Bank of Nigeria released a circular to authorised dealers on financial market price transparency. The bank said its attention had been drawn to the practice of some dealers and their customers in reporting inaccurate and misleading information on transitions in the financial market.

It stated that the behaviour is not compliant with ethical standards… “and deliberate attempts to create price distortions by reporting false transaction details amounts to market manipulation which will not be tolerated and henceforth face sanctions.”
This continued depreciation of the naira against the dollar is despite efforts by the Central Bank of Nigeria and the Federal Government to boost liquidity in the foreign exchange market.

The national currency is now close to trading at N1,500/$ as recently predicted by the Group Managing Director of Cowry Asset Management Limited, Johnson Chukwu.

In a recent The PUNCH report, he said, “The worst-case scenario is that the naira could worsen to N1,500 against the dollar.”

The fall of the naira is set to lead to further price hikes, the president of the Manufacturers Association of Nigeria, Francis Meshioye, recently noted to The PUNCH.

He said, “It is not possible to remain profitable with this exchange rate. The first challenge is breaking even. It means the prices of things will be higher, and the income is not there for people to buy things as they should buy as things become more expensive.”

However, the International Monetary Fund believes the naira has not discovered its fair value against the dollar yet.

Nigeria’s Country Representative, International Monetary Fund, Dr. Christian Ebeke, recently stated, “There is also uncertainty in the market. I am not sure that the parallel rate is the ultimate rate. At some point, we may think about a fair naira rate that is probably between what we see in the parallel market and the official market.

“But it is very difficult while you are still in the transition phase to talk about what is a fair value and what we are seeing.”

https://punchng.com/naira-continues-free-fall-on-official-window-trades-n1482-57/

2 Likes

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by God1000(m): 10:34pm On Jan 30
And our president is enjoying himself in France, what a country

It was UK during the time of Buhari, now it is France that our president runs to every now and then, what a shame

128 Likes 8 Shares

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by bjdon: 10:35pm On Jan 30
This is what you get when you elect a president who said 'Na statistics we go chop grin

229 Likes 12 Shares

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by MADIFF: 10:40pm On Jan 30
Someone came in and things start getting worse.

90 Likes 3 Shares

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by JasonScoolari: 10:46pm On Jan 30
-Tinubu will handle economy.

-He has been preparing for many years.

-We need his brain not his body.

-He is a kingmaker, way maker, play maker miracle worker, daddy wey dey pamper,

-He scored a Screamer with the UAE visa lifting.

-Master planner.

-He built Lagos.



Statement clowns make for self consolation 🤡🤡🤡

272 Likes 14 Shares

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by Cassandraloius: 10:57pm On Jan 30
From sand to stone.

15 Likes 3 Shares

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by Donwilson88: 11:06pm On Jan 30
The deliberations and complaints won’t help!
How then do Naira get a solution to this?!
If not to be productive! Thats if the Right policies are provided by competent Government!

Now the question? Do Naira owners(Nigeria) have competent Government??

2 Likes 1 Share

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by Okoroawusa: 11:08pm On Jan 30
I Love Bola Ahmed Tinubu. If dollar like let it be 10k

10 Likes 4 Shares

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by Bobloco: 11:09pm On Jan 30
Why should the official exchange rate be chasing the black market rate like a cat chasing a rat

33 Likes 1 Share

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by BigBlackPreek(m): 11:12pm On Jan 30
Nigeria is a time bomb expected to explode anytime soon. our leaders are all confused lots. Oh Lord help us the masses

49 Likes 5 Shares

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by Validated: 11:48pm On Jan 30
Reno say you should stop using MTN and Airtel.
Dumb eh grin grin grin

25 Likes 2 Shares

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by ogododo: 12:12am On Jan 31
Nlfpmod, de matta tire Mathias.
Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by TheFreshVanilla: 12:55am On Jan 31
2k by next week. cool

28 Likes 2 Shares

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by RepoMan007: 1:00am On Jan 31
The Naira has fallen yakata-ishly.

8 Likes

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by chichar1(f): 1:03am On Jan 31
Okoroawusa:
I Love Bola Ahmed Tinubu. If dollar like let it be 10k
Clown

53 Likes 2 Shares

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by ValCon888: 1:22am On Jan 31
We've talked about producing more goods to earn more dollars. We are a dollar-dependent economy.

But what has changed between 2012 and now? We are not more dependent on the dollar now than we were back in 2012 when a liter of petrol was N87.

The truth is that the Buhari government and his cabals stole the country blind in dollars. They took money from our pockets, to the point where the naira was rendered valueless.

Dangote refinery is no savior. Tinubu is not another messiah, but a bigger thief who will continue from where Buhari stopped.

56 Likes 1 Share

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by APOPTOSIS: 4:57am On Jan 31
Nigeria is fast making me a Billionaire 🤣

21 Likes 2 Shares

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by ogododo: 7:27am On Jan 31
Na N30 self, black market take better, black market na N1450. Nawa.

3 Likes

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by N2B2: 9:06am On Jan 31
On his mandate, they shall stand...
On his mandate, they shall stand...
On his mandate...
On his mandate...
On his mandate, they shall stand!

Enjoy your votes! grin

17 Likes

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by Brendaniel: 9:06am On Jan 31
We warned them about Tinubu but they didn't listen, the Lagos scam is getting exposed

37 Likes 1 Share

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by Judolisco(m): 9:06am On Jan 31
Anybody wey dey earn in pounds or dollars now... Na boss oh infact boss of all bosses... Imagine earning 500 dollars per month or 1k ehn

15 Likes 1 Share

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by ecomalchemistt(m): 9:07am On Jan 31
Make una no complain..


We are standing gallantly on his mandate !!

7 Likes 2 Shares

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by alimiadedayo1: 9:07am On Jan 31
Bobloco:
Why should the official exchange rate be chasing the black market rate like a cat chasing a rat
you don't know what the offical rate has surpass the black market rate first in the history of Nigeria

3 Likes

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by Badgers14: 9:07am On Jan 31
It is finished 1
!!
Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by Coder2Client(m): 9:07am On Jan 31
Actually #1520

10 Likes

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by iwaeda: 9:07am On Jan 31
ogododo:


https://punchng.com/naira-continues-free-fall-on-official-window-trades-n1482-57/

After the reggie, play the jazz, mimi mimi. I remembered when dollar was N150 and they were calling GEJ unprintable names. Emilokan ti koni certificates. grin grin grin grin grin grin grin grin grin angry angry

22 Likes 1 Share

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by Marvieduke(f): 9:07am On Jan 31
Still naira is not dollar mate.
Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by IgnobleJay: 9:08am On Jan 31
Zealot s67 bass speakers 🔊

60 watts , Tf Card , aux , Bluetooth.

40 hours playtime

Payment on delivery 📦 🚚 Nationwide via GiG logistics !!!

6 Likes 2 Shares

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by tiswell(m): 9:08am On Jan 31
Shame on naija looters and wicked leaders

7 Likes

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by Inspirer1: 9:08am On Jan 31
God help us.

This seems beyond the FG

1 Like

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by MykellOni(m): 9:08am On Jan 31
Attendance: Present ✅️

Lol!
We ain't seen nothing yet.

I hope you know naira started to die completely immediately your savior daddy removed subsidy....

Now again they say they must fess export crude oil at a give away price before Mr Aliko can import at a crazy expensive price in dollars o, and you're expecting naira to regain consciousness...

Lol! I laff at our foolishness in this country., sometimes I wonder how the whites look at us seff.

Annoyingly some useless dead brain fools will still come out to defend these same wicked and demonic leaders. Chai! I wonder if they are immune to the hardship in the country self. 🤔 omo I've lost all hopes in this country aswear., only God himself can save us...

12 Likes

Re: Naira Continues Free Fall On Official Window, Trades N1482.57/$ by ariesbull: 9:08am On Jan 31
We must vote the accountant from mobile he is Awa Lokan ...he built Lagos

We have seen how he built Lagos !

A country where an Engineer is heading the apex bank



Una never see anything ....Na tribalism go deal with una Las Las

Then we will ensure that we deal with Igbo when the Naira gets to ₦2000 to $1


Clowns ....una go hear am! We that are shouting Ronu up and down we can change ₦500 to $1

24 Likes

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