FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours - Business

FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours - Business - Nairaland

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FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by ogododo(op): 6:47pm On May 05, 2024

The Naira depreciated by N130 against the United States dollar at the parallel foreign exchange market on Sunday.

A Bureau De Change operator, Mistila Dayyabu, disclosed this to the DAILY POST in an interview.

He noted that Naira dropped to N,1420 per dollar from N1,290 in less than 48 hours at the parallel market.

“The Naira depreciated to N1,420 per dollar on Sunday at the parallel market due to high demand. We buy at N1,410 per dollar and sell at N1420 as of Sunday. It was N1290 per dollar on Friday,” told DAILY POST.

DAILY POST recalls that the Naira appreciated at both the official and parallel foreign exchange markets on Friday.

The Naira has continued to experience fluctuations in foreign exchange despite the Central Bank of Nigeria’s interventions.

From March 26th to April 26th, 2024, the apex bank released FX thrice to Bureau De Change operators.

Financial expert Kalu Aja said CBN’s intervention was the reason for the appreciation of the Naira from March to mid-April 2024.

https://dailypost.ng/2024/05/05/fx-crisis-naira-depreciates-by-n130-against-dollar-in-24-hours/

4 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by helinues: 6:48pm On May 05, 2024

Toh

83 Likes 1 Share

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by LibertyRep: 6:50pm On May 05, 2024

What or who's to blame this time around?

Sighs.

66 Likes 2 Shares

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Caramia2020(m): 6:59pm On May 05, 2024

Dollar dollar everyday made me remember the movie called one dollar.

51 Likes 2 Shares

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Dialpad: 7:01pm On May 05, 2024

Let's wait till Monday when market resumes

4 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by nairalanda1(m): 7:02pm On May 05, 2024

Strong currency nations are nations that export manufactured goods and services, and allow the free market to operate

169 Likes 8 Shares

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by descarado: 7:04pm On May 05, 2024

Just like that, Nigerians have accepted this anomaly.

109 Likes 2 Shares

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Dubetex96(m): 7:06pm On May 05, 2024

LibertyRep:
What or who's to blame this time around?

Sighs.

Crypto currency

24 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by nairalanda1(m): 7:12pm On May 05, 2024

descarado:
Just like that, Nigerians have accepted this anomaly.

By August 2022, debt servicing was eating 90% of our revenue. Tinubus partial removal of subsidy reduced that to 63% . It's probably gone up again.

Plus we had a drop in oil prices meaning we ended up borrowing to survive for 7 years or more while paying subsides. Result...debt eating 90% of our revenue.

I wish that apc lost in 2023, but when 3 candidates are saying that subsidy would go, something's up.

Anyway , we need to do what the big nations do. Pity I don't see tinubu doing it.

71 Likes 1 Share

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Nobody: 7:19pm On May 05, 2024

@helinues freestuffsng Biodun556 and Yarimo will have a good explanation for this

94 Likes 4 Shares

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by helinues: 7:27pm On May 05, 2024

ClearFlair:
@helinues freestuffsng Biodun556 and Yarimo will have a good explanation for this

Make your comments without always seeking our validation.

Thank you

70 Likes 1 Share

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Nobody: 7:30pm On May 05, 2024

helinues:
Make your comments without always seeking our validation.

Thank you

Your validation is worth nothing, but the fact that you're enjoying in this economy is good motivation for your fellow APC supporters. I'm just helping them to avoid depression

160 Likes 14 Shares

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Racoon(m): 7:40pm On May 05, 2024*

Consumption without production is not making the naira to do any magic. The dollar will continue to have the upper hand.

16 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by OkCornel(m): 7:59pm On May 05, 2024

helinues:
Make your comments without always seeking our validation.

Thank you

This is not what Jagaban promised Nigerians in April 2023 shocked

48 Likes 3 Shares

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by CodeTemplar: 8:05pm On May 05, 2024

helinues:
Toh

Tah

30 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by bassdow: 8:13pm On May 05, 2024

bassdow:
u

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by bassdow: 8:13pm On May 05, 2024

bassdow:
ii

ooo

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by oluwaseyi0: 8:13pm On May 05, 2024

Nawa ooo

1 Like

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by ShoeGetSize: 8:13pm On May 05, 2024

Na only "Toh" you sabi talk?

helinues:
Toh

33 Likes 1 Share

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Stayingalive: 8:14pm On May 05, 2024*

FreestuffNG Abeg come help us do small explanation here o. Cause this rise and fall no dey align again o

11 Likes 2 Shares

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by obi4eze(m): 8:14pm On May 05, 2024

Ok na

1 Like

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by ogododo(op): 8:14pm On May 05, 2024

Lakuli ki bannya.

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by SeeWahala: 8:15pm On May 05, 2024

Haha 😄 agbad0 ronu squad won't ever post on this threads 1st page. They will wait till its 2nd or 3rd pages to send in their corn warriors to enter and start abusing everybody calling them enemies of nigeria, ipob and igbos. grin

BDCs have their own exchange rate
Customs have their own exchange rate
Banks have their own exchange rate
Crypto is affecting all the exchange rates cheesy

See this unfortunate agbad0 man below me and his own take on matters arising wink

very predictable. He says his tilumbu is still barking and very soon he will start to bite cool

OkCornel:
This is not what Jagaban promised Nigerians in April 2023

Did tilumbu promise anybody anything? Even debate him dodge all of them and you're expecting miracles from whom? shocked

26 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by StOla: 8:15pm On May 05, 2024

The government is still barking, not biting as we have advised numerous.

1 Like 1 Share

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by SensualMan: 8:15pm On May 05, 2024

CORNtree people are u reaaaaaaaddyyyyy?? ?? ? ? ?
Una go chop leaves and cassava stem kwete n'ona emé!

Sophisticated people I swear for una papa and una papa no go stop to dey scream Ebi n pawa ooo!

On your mandate we shall stand!

28 Likes 2 Shares

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by LandMann: 8:15pm On May 05, 2024*

47 Likes 2 Shares

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by callmevirus(m): 8:16pm On May 05, 2024

ClearFlair:
@helinues freestuffsng Biodun556 and Yarimo will have a good explanation for this

Leave those goats let it be about Peter Obi, you will see their silly comments

43 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by ZombieTAMER: 8:16pm On May 05, 2024

it's getting there

Gradually and steadily

Tinubu vowed to continue where Buhari stopped indeed

25 Likes 1 Share

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Toluwalase12345(f): 8:17pm On May 05, 2024

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Donaldoni: 8:17pm On May 05, 2024

This is news is not accurate

I just checked BYBIT. It's NGN1,388

NAFEX now controls the rate at the parallel market. As at Friday, the rate was NGN1,400 at NAFEX and the parallel market was NGN1,290.

Today, they have converged.

1 Like

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