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Naira crashed to N1640/$1 at the parallel market - Business - Nairaland

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Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market / Naira Crashes To All-time Low, Hits N1043.09/$1 At Official Market / Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate (2) (3) (4)

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Naira crashed to N1640/$1 at the parallel market by godwinngbede: 5:10am On Dec 11, 2024
Naira loses steam, drops against the dollar at parallel market as speculators show resistance
Chike Olisah by Chike Olisah 21 mins ago

The naira crashed to N1640/$1 at the parallel market at the close of business on Monday, December 9, 2024, ending four consecutive days of exchange rate appreciation since the Central Bank of Nigeria (CBN) migrated to the Enhanced Foreign Exchange Market System (EFEMS) platform.

This represents a N70 or 4.5% loss when compared with the N1570/$1 that was recorded on Friday, December 6, 2024, as the predicted resistance of forex speculators appears to have reared its ugly head.

A top Bureau De Change (BDC) operator had told Nairametrics that the hitherto huge dollar supply in the forex market had dried up as the resistance to the continuous appreciation of the local currency heightened.
He said, ‘’And the prediction of speculators resistance is what happened today as the naira lost value from #1535/$ on Friday to N1640 /$ this evening at the close of business. The hitherto dollar supplies in the market became completely dried as resistance to the appreciation of the local currency heightened.’’

Meanwhile, some other sources quoted the exchange rate at N1665/$1 at the parallel market.
the apex bank introduced the EFEMS platform.
The official market experienced rapid gains in the exchange rate, while the parallel market, where forex is traded unofficially, presented an even more unsettling scenario for speculators. The naira was gaining faster than they could sell.
The ABCON boss said the huge forex supply is struggling to cope with very weak demand stating that the development in the market calls for circumspection.
He said, ‘’Market is dull. Demand is very weak and supply very huge. The development in the market calls for circumspection. Already, there is a huge loss on speculators and currency substitutions.

‘’I can see speculators resisting the appreciation to cover their losses and the CBN needs to keep the momentum on ensuring hopes. Sometimes I wonder if the inorganic appreciation of the naira falls within the CBN templets.

The CBN should first maintain the momentum and discourage illegal behaviours of speculations and currency substitution and engage the BDCs where volatility is pervasive.’’

https://nairametrics.com/2024/12/10/naira-loses-steam-drops-against-the-dollar-at-parallel-market-as-speculators-show-resistance/
Re: Naira crashed to N1640/$1 at the parallel market by DaddyCoool(f): 5:13am On Dec 11, 2024
It would pick up again as Christmas returnees flood market with $
Re: Naira crashed to N1640/$1 at the parallel market by godwinngbede: 5:21am On Dec 11, 2024
DaddyCoool:
It would pick up again as Christmas returnees flood market with $
I don't see that happening, people are already buying and hoarding the dollar for January's import, BTA, PTA, medicals, and many others. It will hit 2k soon
Re: Naira crashed to N1640/$1 at the parallel market by Bobloco: 5:31am On Dec 11, 2024
grin
Re: Naira crashed to N1640/$1 at the parallel market by LandMann: 7:55am On Dec 11, 2024
D

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Re: Naira crashed to N1640/$1 at the parallel market by godwinngbede: 8:41am On Dec 11, 2024
LandMann:
Dollar is already above N1700 at the parallel market.
where are those jubilating few days ago? CBN governor is a clone.

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