₦airaland Forum

On Tuesday, the naira dipped further, trading at N1,825 to a dollar, despite efforts by the Economic Financial Crimes Commission (EFCC) to disrupt the activities of perceived manipulators and speculators.

On Monday, Peoples Gazette reported how the anti-graft agency raided the well-known Abuja Zone 4 market, shooting at Bureau De Change operators to stop the naira’s rapid decline.

But, less than 24 hours after EFCC raided BDC operators in Abuja, the naira continued its rapid decline, dipping from N1,700 against the dollar to N1,825 to a dollar 24 hours later.

This came as the naira hit an all-time low against the dollar and pound sterling in Nigeria’s history, despite efforts by the Central Bank of Nigeria to salvage the free fall of the naira.

Though the naira had been on a downward trend against the dollar before Mr Tinubu assumed office last May, the naira’s freefall accelerated following the floating of the currency.

In September, the naira exchanged at N1,000 to one dollar at the parallel market. This historic dip spotlighted the weakness of Mr Tinubu’s efforts to manage the national currency amid runaway inflation.

In July, the Association of Nigerian Licensed Customs Agents (ANLCA) complained that floating the nation’s currency had caused a drop in vehicle importation in the nation’s ports.

The Currency fell to N1,520.123 to a dollar on January 31, according to Naira Rates.

This is against the currency’s depreciation to N1,482.75 per dollar recorded in the official foreign exchange market on January 30, amounting to a N38 depreciation for the naira under 24 hours.

The fall made it the first time after the COVID-19 pandemic that the official exchange rate was higher than the parallel market exchange rate, which traded at N1,470 per dollar from N1,425 on January 29.

The monetary policy of President Bola Tinubu’s government played a huge role in the further downward slide of the naira after he floated the currency.

Mr Tinubu’s economic policy scrapping fuel subsidy and collapsing multiple foreign exchange windows into the single Importer and Exporter, or I&E window, drastically depreciated the naira’s value by 98 per cent, a report by the Price Water Coopers stated.

The top global business advisory audit firm said in its report ‘Nigeria’s Economic Outlook: Seven Trends That Will Shape Nigerian Economy in 2024’ that Mr Tinubu implemented policies that had the domino effect of devaluing the naira by nearly 100 per cent but appealed to foreign investors as the move was projected to improve the economy in 2024.

On September 26, the naira witnessed an unprecedented historical low, dipping to N1000 against the U.S. dollar. Since then, the currency has lost 17 per cent of its value.

The persistent decline of the naira is a source of concern and a spotlight on the challenges associated with President Bola Tinubu’s fiscal policies.

Despite the far-reaching consequences, including inflation and diminished economic purchasing power, Mr Tinubu has undertaken what his cabinet refers to as strategic moves, such as the petrol subsidy removal, which was met with resistance and scepticism but reflects an attempt to reduce the government’s financial burden and promote a more market-driven economy as well as the decision to adopt a clean float foreign exchange management.

Source: https://gazettengr.com/naira-hits-n1825-to-dollar-despite-efcc-gun-rescue-attempt/

Where Will Person Run To, Help N.C BLOGGER

Increase In Dollar, Is Bring Hardship In Nigeria

We warned and warned that Nigeria was at the point of death and that due to the prayers and cries of the innocent , Divinity selected and prepared a team that should pull out our nation from the clip of death and bring her to a new Nigeria.

Podatti are ordinary people but prepared and selected by divinity and given the grace to rescue Nigeria from falling off to death.
The love and acceptance was beyond the ordinary. It was something that divinity personal orchestrated.

There is a curse on the land of Nigeria which is a consequence of the desecration of the land by the tinubu in his desperate quest for power.
Brace up yourselves because it's going to get worse.
Nobody is sabotaging anything. Tinubu and his gang are the sabotagers that sabotaged the system, removed the ancient landmark set by the fathers and desecrated the land all in a bid to grab power.
He is on a cursed mandate. Nothing will come from it .

Thanks to Tinubu

This is becoming Papa ajasco drama. Some cartels are hell bend of making Nigeria a laughing stock.

GarbaAudu:
This is becoming Papa ajasco drama. Some cartels are hell bend of making Nigeria a laughing stock.

The Economy Is Getting Tougher And Harder

Gbajue people .... Make dem dey fool themself ... Fire brigade approach upandan. The next thing is to start the blame game.

I don die my fans

Hmmmm. They should give all of us our passports and open the borders. Let's find our way.

I would never have guessed someone can be a worse leader than Buhari.

That weak shoeless man @ GEJ shouldn't have given Buhari the mantle.

Zxcvbnmghtr:
I have always respected your I/Q but this comment of your's doesn't add up in the realities around the world. I was in Canada a few weeks ago, the same Canada of a few years ago has really changed so much that, I had to make my purchases in non branding stores where things are cheaper. Funny how I started meeting people I use to meet in the super markets, I don't mean Nigerians but Canadians. The exchange rate of Canadian Dollar to American Dollar has shut up. Interest rate has shut up. Things are not easy. It's even much more difficult in the U.K, very difficult. My point is, why is it so? Is it bad leadership?

Nigeria will stabilize. It's a phase.

A diehard balablu protégé spotted.

Zxcvbnmghtr:
Pocohantas, why did you move my post up there. Haba Poco, what does that justify. Are you being paid for the number of likes you get on NL?

All enemies of state like you should be put at the frontline. We didn't say you should go assasinate Bola. Just speak the truth.

post=128555131:
Source: https://gazettengr.com/naira-hits-n1825-to-dollar-despite-efcc-gun-rescue-attempt/

NO SHAKING BATILOOTER TIFFNUBU IS WORKING.

E FO KAN BALE.

Bastard set of pple,,u can't even buy jeans again in d mkt.. jeans wey we dey buy 4k,,now 15k

Wole sonyinka the old fool called Obidients all manners of names because we ask that the country should work.

Some idiots on this forum called us all manners of names because the government is paying them peanuts.

Bayo Onanuga threatened a whole tribe in LAGOS state because they want the good of Nigeria.

Mc Oluomoh harrassed. Killed and molested Obidients because they rejected tinubu.

Today, it was thesame idiots that are crying the more and gnashing their heads. Una go smel una nyash. E never start ooo

Una never see anything yet

Jagaban on ur brokos we stand gidigba..... We go teach obi lesson....

Tinubu goes nowhere. He'll complete his 8 years and the Igbos must learn their full lessons

Tinubu is doing what Awolowo would have done
😂😂😂😂😂😂😂😂

What’s really going on?

Government need to scrap those BDC guys. They are a bunch of cabals, everyone should go to the bank to get there Money changed. Official Naira price will continue to chase the BDC price

Foreigners that invested in Nigeria 5 years ago will be crying

Why I always tell people in diaspora, Nigeria is not worth investing except you are coming home finally!

Investment has been rubbished! You can’t even recoup your money if you sell it. 🤣🤣🤣

Too bad

Na N2.5k dollar dey go like this so.

Yesterday, it was 1,700 today it's 1,800. Befor this week runs out, it would get to 2k

Epatewo fún Tinubu

At this stage it should be a crime to give birth in Nigeria

Us or Russia could just help us and nuke this country to prevent extreme suffering, it’s gonna be an eyesore

It is finished

😁 🤣 🤣 🤣
Tinubu is handling the economy.

Water don pass garri

Brainless fools

No problem

Let dollar continue going. We don't care

Our currency is naira.

When naira tire to chase Dollar, it wud rest

The worst govt in the history of Nigerian, no single plan to move the nation out of this mess just trial and error....shey na statistics we go chop? this is the proof.