Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit - Business

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Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit - Business - Nairaland

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Naira Depreciates By N64 Against Dollar At FOREX Market / Naira Continues Appreciation Against USD At Forex Market / Naira Weakens At Forex Market As Foreign Reserves Drop To $43b (2) (3) (4)

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Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by ogododo: 8:56am On Mar 07

The supply of US dollars at the foreign exchange market plunged by 42 per cent to 168.98 on Wednesday, days after Binance announced the existence of the Nigerian exchange market.

FMDQ data showed that the turnover of USD plunged on Wednesday to $168.98 at the close of work from $291.74 on Tuesday.

The figure represents a $122.76 reduction in USD supply compared to $291.74 on Tuesday.

The development had led to a consecutive drop in Naira at the official forex market to 1,605.74 per USD on Wednesday and N1,602.43 the previous day.

Recall that on Monday, Binance informed users that any remaining NGN balances would be automatically converted to Tether, USDT stablecoin after March 8 amid a regulatory clampdown by the Nigerian Government.

The Nigerian Government had blamed Binance for the continued forex crisis in the country.

However, despite the regulatory move against Binance and other cryptocurrency platforms, Africa’s populous country’s FX crisis has yet to be resolved.

https://dailypost.ng/2024/03/07/naira-depreciation-usd-supply-drops-by-42-at-forex-market-despite-binance-exit/

5 Likes 1 Share

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by immortalcrown(m): 8:58am On Mar 07

APC said ₦216 per Dollar was too much. Therefore, no APC government is good unless Naira goes below 216 per Dollar in the regime.

101 Likes 3 Shares

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by booblacain(m): 9:03am On Mar 07

Na daily post dey write "existence" instead of exit?

12 Likes 2 Shares

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by UnstableFC: 9:04am On Mar 07

Yarimo and madridguy the defending champions of nonsense with shit for nyash

Come and defend

92 Likes 4 Shares

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by Cindypresh(f): 9:05am On Mar 07

Kikiki

I keep telling people how clueless tinupoo is, he is a failure.

He'll blame sportybet next😂😂😂

83 Likes 6 Shares

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by RepoMan007: 9:18am On Mar 07

Signs of rough times ahead.

4 Likes

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by criuze(m): 9:21am On Mar 07

Whose next to blame

Maybe opay

77 Likes 2 Shares

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by YourMrBoo: 9:36am On Mar 07

They can't assume their ineptitude and cluelessness, from abokifx, bdc, binance, domiciliary holders what else?

Clueless government

40 Likes 1 Share

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by Tntsi: 9:59am On Mar 07

I will describe the moves of this cursed desecrated mandate as one step forward 100 steps backwards.
Very soon the dollar will skyrocket beyond the speed of light. Dollar will hit the 3000 mark.
Very soon, politicians will be invaded the way food trucks and warehouses are being attacked now.
The curse on the land is from Divinity.

Until the people that brought a curse on the land are taken away, it is going to be crazy.

16 Likes

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by Seunpapa65: 10:09am On Mar 07

The have banned binance but naira is still falling helplessly
Next the will blame sporty bet 😂🤣

29 Likes 2 Shares

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by LordGuru1: 10:17am On Mar 07

This is false news. Like if you know that Haters of Nigeria gonna hate no matter what.

3 Likes 1 Share

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by sukkot: 10:17am On Mar 07

Aboki Dan boro uba shege dan iska

2 Likes

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by YeyeGbami: 10:18am On Mar 07

If binance was doing any good, no country would have banned them. those pesky fuckèrs need to go first.

73 Likes 5 Shares

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by BOSSkesh(m): 10:18am On Mar 07

Before the children of hate and perdition come and derail the thread
Know that the Naira is stable now that we’ve eliminated the international saboteurs known as Binance
Also note that all this is speculation due to the free float, it doesn’t mean the Naira is done for
When the Naira peaked at 1200 this week the gbajue and emergency lovers of Nigeria did not show this
But now that it’s at 1600(which we all know will come down) because it’s suits their narrative
Anyway anyway Nigeria will be great in tinubu era
The jagaban is in control

Check my signature for free stuffs!!!

74 Likes 4 Shares

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by Inspirer1: 10:19am On Mar 07

This not working again....

Rather than outright stoppage, why not modify, I believe in modification pending when all things will be in order.

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by keymatt(m): 10:19am On Mar 07

Binance is responsible for the economic calamity plaguing Nigeria. SAW-DUST BRAIN AGBADORIANS grin

8 Likes

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by chopnaira: 10:19am On Mar 07

Sensational headline. Still hovering around 1600-1605.

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by fineboynl(m): 10:19am On Mar 07

Binance is not the problem. There are more money that came to Nigeria Through binance than it left the shores through binance. I do buy coins from binance to pay for things online instead of going through BDC and all the headaches.

The only problem was the free fall of the Naira where alot of people start saving in usdt.

Binance has stop trading in naira. In fact naira has been removed from binance.

There was nothing like looting of naira or money laundering because binance is just P2P within Nigeria itself. The money is still in Nigeria only just changing hands P2P.

12 Likes 1 Share

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by superlanny(m): 10:19am On Mar 07

When we said it, some clueless and ignorant people said we were anti Nigerian and lots of other bullshit. Nigerias problems is way beyond Binance and they are not the cause of the nairas free fall, the stupid govt wanted to use Binance to cash out by demanding $10billon, they think everyone is scamable like the way they scam Nigerians on a daily. Naira will still fall to 3k per dollar in the next 1-2 months mark this post.

You idiots have not seen anything yet

11 Likes 1 Share

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by Ofunaofu: 10:20am On Mar 07

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by Uyi168: 10:20am On Mar 07

....
Wait to..
Does any one with half a sense actually think binance was the reason the naira was a on a free fall

Anyone?

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by andy244: 10:20am On Mar 07

Clueless mofos... stolen manhood can never stand

5 Likes 1 Share

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by Fatbam005: 10:20am On Mar 07

Wahala no dey finish under tinibuu

2 Likes

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by grandstar(m): 10:20am On Mar 07

The CBN g9vernor was simply looking for a scapegoat for his loose monetary policy.

Until monetary policy is tightened, there will be no respite for the Naira.

8 Likes 1 Share

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by keymatt(m): 10:20am On Mar 07

UnstableFC:
Yarimo and madridguy the defending champions of nonsense with shit for nyash

Come and defend

Those bandits are perfect example of people with saw dust brain. grin

3 Likes

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by Raylight2(m): 10:20am On Mar 07

booblacain:
Na daily post dey write "existence" instead of exit?

so obvious

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by Kolaboluv7(m): 10:21am On Mar 07

LordGuru1:
This is false news. Like if you know that Haters of Nigeria gonna hate no matter what.

Sense is far from you grin

4 Likes

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by Astra101: 10:21am On Mar 07

Must they put binance in the headline

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by SirLakes: 10:22am On Mar 07

criuze:
Whose next to blame

Maybe opay

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by Artscollection: 10:22am On Mar 07

What do they know

Re: Naira Depreciation: USD Supply Drops By 42% At FOREX Market Despite Binance Exit by jude33084(m): 10:22am On Mar 07

LordGuru1:
This is false news. Like if you know that Haters of Nigeria gonna hate no matter what.

Yes the news is fake!
$1 is N216 now grin

7 Likes

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