The parallel market exchange rate has experienced a significant decline, plummeting to a record low of N1960 per Euro, driven by persistent demand pressures that continue to erode the currency’s value. 

This marks a notable decrease of 5.36% or N105 compared to the N1,855 rate recorded the previous day at the black market.

This depreciation stands as an unprecedented occurrence, representing the lowest point in the historical performance of the Naira against the Euro.

 Concurrently, black-market exchange rates have continued to witness the devaluation of the Nigerian Naira, exacerbated by a substantial surge in inflation, as reported by the National Bureau of Statistics (NBS) for January 2024. 

The inflation rate surged to 29.90%, indicating a significant rise from the 28.92% recorded in the previous month.  

These developments persist despite the Central Bank of Nigeria’s (CBN) implementation of several policies aimed at bolstering the supply of foreign exchange (forex). 

Similarly, the Naira depreciated against dollar in the parallel forex market, where forex is unofficially traded, with the exchange rate quoted at N1,880/$1, reflecting a 2.66% decrease from the N1,830 rate it closed at the previous day, according to Nairametrics tracker.
Additionally, the Great British Pound (GBP) stood at £1/N2260, a decline from £1/N2,210 recorded the previous day, this marks a notable decrease of 2.21% compared to the N2,210 rate recorded the previous day.

What you should know
Nairametrics reported that it has been a tumultuous twenty-four hours on the renowned cryptocurrency platform, Binance, after the exchange rate between the naira and the popular stablecoin, Tether (USDT), plummeted to approximately N1900/USDT before subsequently rising to N1354.3.

However, by 7 am on Thursday, February 22, the naira was trading between N1680-N1710/$1 USDT.

This situation arises amid several reports of a crackdown on cryptocurrency trading, which some authorities view as a significant contributing factor to the rapid depreciation of the naira.
Tether (USDT) is a stablecoin used as a medium of exchange for cryptocurrency traders looking to trade their local currency against the dollar. One USDT is equivalent to $1.

This dramatic drop and subsequent recovery underscore the volatile nature of cryptocurrency markets, especially in the context of Nigeria’s current economic climate.

The exact cause of the wild volatility experienced in the last 24 hours remains unclear, even as some attribute it to a broader crackdown on cryptocurrency trading by certain authorities, who argue that such activities have been contributing to the rapid devaluation of the naira.

https://nairametrics.com/2024/02/22/breaking-naira-hits-record-low-of-n1960-eur1-at-the-black-market/?fbclid=IwAR1Gse9WbEfwhT_9z2qaYMPcOjdTShK_adyJGvhUjudkR-UC7jGRKOHC3gI

Ok

This naira sef they confusing...today naira gains.

Tomorrow it hit record low.

No definite solution in sight.

All this amala policies on naira is not helping at all.

If naira was to be a human being....I can imagine how wretched it would be by now.


May God help us.

E be like say dollar/euros and pounds go enter 2025 before us oo

Naira now floating like feather on top water. So much economic damage with it attendant toll on the populace while him and his zombies think it by raiding burea de change and blocking crypto that is the panacea. Extremely myopic and foolish people.

This is really incredible!Where is APC's campaign promise of #1 to $1?Buhari took his exit leaving Nigeria worse than he met it.Tinubu is more than ready for 2027 presidential election because his dollar savings when converted to Naira as well as stolen funds from public coffer is more than enough for campaign.The only thing that can stop Tinubu's second term is Nigerians' solidarity against age-long slavery and oppressions.

No wonder my pepper seller at Zaria was asking for payment in Euros

Yesterday the naira to euro hit a record low of about 2k plus..
Same yesterday we clearly understood the idea that demand and supply wasn't the real reason for the high rate but rather negative speculation as reported here in this report.
If it traded @2067 yesterday and today traded @1960 what is the record low your talking about then today?
I'm neither pleased at such rates though but then you don't turn a bad situation to a rotten one.
You don't keep speculating negatively.
When platforms are advertising at different rates, you look for the cheapest one and advertise not the highest one in other to trigger out cry.
No sane person except saboteurs are happy about it.

Yesterday gazzeth papers was publishing how pure water bag sold for 630 in ijebu ode( my mama village)?
While a piece of pure water sold for #30.
Do the maths if we have 20 pieces, It's not logical at all.
I put a call through to my aunt there and she told me they are complaining bitterly how it moved from 250 to 300naira.
Bit gazeth said 600 and nairaland posted on from page
Same thing with rice.
Until a Twitter user started selling for 65k in Lagos, the rice was even getting to 100k by speculators.
Julius abure even said 120k from no where.
Imagine the gap difference 65k to 120k.
We need to stop giving platforms that advertise exorbitant rates publicity while we trend those selling much cheaper.

Tinubu abeg buy rope make we tie this dollar na



Where e dey run go?







Govt of trial and error, patch patch govt!

References1:


https://nairametrics.com/2024/02/22/breaking-naira-hits-record-low-of-n1960-eur1-at-the-black-market/?fbclid=IwAR1Gse9WbEfwhT_9z2qaYMPcOjdTShK_adyJGvhUjudkR-UC7jGRKOHC3gI

Now go after euro speculators

Tinubu came to steal, to kill and to destroy.
To all the people in this present government and Their supporters, may God punish you all with a painful death.

Fss

This is just the beginning

We are just getting started.

Tinubu 4X4 😂

Noted.

If we talk now, some CLUELESS people will say Binance was blocked to stop the further fall of Naira, people are just carry empty brains everywhere and should be banned from thinking because they just end up embarrassing themselves more.

NAIRA will continue the free fall and it won’t stop because the clueless govt banned Binance. Just watch and see how this useless currency will perform in 2 weeks.

Just dey play!!!

References1:


https://nairametrics.com/2024/02/22/breaking-naira-hits-record-low-of-n1960-eur1-at-the-black-market/?fbclid=IwAR1Gse9WbEfwhT_9z2qaYMPcOjdTShK_adyJGvhUjudkR-UC7jGRKOHC3gI

Tinubu built Lagos, he built men, then to build Nigeria rain started.

And cardoso is still CBN Governor

Welcome to Nigeria.






The hell away from hell

Clilic Marin howfa?

What a befitting amount, 1960. Does it reminds you any date? Lol

hmmm

This currency wahala, some power are in play

The only currency that requires an ak 47 wielding idiots with their cohorts at the top to defend.wahala dey oo!! Aboki as dumb as we all think they where never this naive.

Bulaba he's doing.


If imagine if Obi was the president Maybe Obi lose was God's will, so that zombie will see the emptiness of master strategist and Lagos builder.


If it continues free falling like this on daily, then in 3 years time Emilokan will take it to 1$ = N150,000 or more.

By that time a cup of garri will be 30m

TissueNaira . There is no magic that can be done, what do you expect when your politicians are borrowing Dollars from foreign institutions with reckless abandon? Both interest and capital has to be paid in Dollars.

By the way the loans were not used to create assets but to lavish it on unnecessary expenses.

Blame Binance . Nonsense and Ingredients.

Sabadon:
And cardoso is still CBN Governor

Pride no go allow his handlers to sack him. As it stands na pride want kill naija last last if not they should reverse most of their policies.

Ohkpari

Is this what record low means?

Wahala pro max!