Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar - Business

Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar - Business - Nairaland

Nairaland Forum › Nairaland General › Business › Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar (15032 Views)

Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by Bobloco(op): 12:30am On May 14, 2024

The naira continued its depreciation against the US dollar in the foreign exchange market.

Data from the parallel market section and FMDQ showed further depreciation against the dollar on Monday.

At the parallel market, a Bureau De Change operator in Wuse Zone 4, Mistila Dayyabu, told DAILY POST that the naira was sold as high as N1,517 per dollar on Monday before settling at N1,500 per dollar.

“On Monday morning, the dollar was sold at N1,517 per dollar. However, on hearing the information about the coming of the Economic and Financial Crimes Commission operatives, we started selling at N1,500 this evening, ” he said.

The figure increased from the N1, 450 per dollar it traded at the weekend.

Similarly, at the official market, FMDQ data showed that they dipped to N1478.11 per dollar on Monday from N1466.31 last Friday.

This represents an N11.8 drop from the N1466.31 recorded last Friday.

Earlier, the Central Bank of Nigeria Governor, Olayemi Cardoso, said the apex bank’s Monetary Policy Committee will do everything to bring down soaring Nigeria’s inflation, which stood at 33.22 per cent in March 2024.

https://dailypost.ng/2024/05/13/naira-slumps-exchanges-at-over-n1500-against-dollar/

6 Likes 2 Shares

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by God1000(m): 2:02am On May 14, 2024*

I just can't believe what is happening under this government, I am flabbergasted

66 Likes 7 Shares

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by cjrane: 2:14am On May 14, 2024

Nothing we can do now. We have to go through this storm and naira will finally stabilize at some point.

What we are observing are the fruits of mindless borrowing and printing of money that was the hallmark of Buhari's regime. Unfortunately, these things take time to manifest and Tinubu is the unlucky guy in power when the effects of those economic crimes by Buhari are now manifesting.

11 Likes 6 Shares

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by Lumarstone: 2:18am On May 14, 2024

We have more economist in the classroom, professors for that matter, their wealth of knowledge are caged at our nation's university gate.

Is like those presiding over the economy of this country are people without economic mgt background. The economy seems to be getting worse on daily basis? Many Nigerians this days can't afford the high cost of medication in government owned federal medical centers. Inflation is at it's peak. What a country!

44 Likes

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by ebufa: 2:22am On May 14, 2024

cjrane:
Nothing we can do now. We have to go through this storm and naira will finally stabilize at some point.

What we are observing are the fruits of mindless borrowing and printing of money that was the hallmark of Buhari's regime. Unfortunately, these things take time to manifest and Tinubu is the unlucky guy in power when the effects of those economic crimes by Buhari are now manifesting.

what the government should do is to stabilize the dollar at near or around the 1500 mark....instead of wasting forex defending the purchase of pencils and private jets...not to talk of the pack of religious Nigerians travelling to waste our forex in Rome and Mecca! At 1500 to a dollar we can build from that gradually, at that point we can also attract a lot of forex inflows....but the government must get Nigeria back to work, flush out these foreign Fulani bandits and solve the agitation in the southeast once and for all!

21 Likes 2 Shares

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by PointZerom: 4:14am On May 14, 2024

cjrane:
Nothing we can do now. We have to go through this storm and naira will finally stabilize at some point.

What we are observing are the fruits of mindless borrowing and printing of money that was the hallmark of Buhari's regime. Unfortunately, these things take time to manifest and Tinubu is the unlucky guy in power when the effects of those economic crimes by Buhari are now manifesting.

Do you guys thinks we're fools with short memories?

Tell us which primary and secondary school that taught Tinubu the fundamentals of mathematics and economics for him to have graduated with first class in economics.

118 Likes 13 Shares

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by Racoon(m): 4:38am On May 14, 2024*

Terrible! "Nah statistics we go chop?" Guess he can now appreciate how even the minute statistical indices are important to the national life of a country?

Balabloo-blu-bulava gbajue first class certificate forger cum drug baron economics in the mud. Nigeria is not getting out of this economic mess soon. Buhari, Tinubu and APC showed this nation shege.

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Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by falcon01: 5:04am On May 14, 2024

Those who talked where called enemies of the state, now what the f** is this? Please those supporting this thing if you are catching cruise stop its time to be serious.

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Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by Iamanoited: 5:31am On May 14, 2024

TINUBU'S MINISTERS AND BANKERS ARE JUST BUNGLING, STEALING AND STORING DOLLARS ABROAD..
BUHARI AND EMEFIELE RUINED NIGERIAN ECONOMY .

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Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by VinnyBaba: 5:45am On May 14, 2024

When Aisha Yusuf Predicted this Slump and Adviced Nigerians who had Dollars not to Sell it,
Mumu and Hungry APC m0rons were Busy Calling her Bad names. sad

102 Likes 8 Shares

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by Flame333: 8:25am On May 14, 2024

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by Joey4321: 8:25am On May 14, 2024

You guys need to apologize to madam Aisha Yesufu

83 Likes 4 Shares

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by MEEVEET: 8:25am On May 14, 2024

Don't worry they have borrowed another 2.5 billion dollars

Them would sell it cheap to themselves drag the rate artificially down and zombies would praise them

R

49 Likes

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by Lorddominic(m): 8:25am On May 14, 2024

...and Aisha Yesufu advised us to keep our dollars few months ago while our foolish and useless children of corn like Helinues were busy dishing out threats to her

https://www.nairaland.com/8063636/keep-dollars-closer-aisha-yesufu#129473149

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Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by sofeo(m): 8:25am On May 14, 2024

It's alright.

1 Like

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by Dottore: 8:26am On May 14, 2024

What were you expecting. I've always said that whatever that was done to bring down dollar rate last month was a temporary relief. The first thing to be done is for Nigeria to decouple from USD

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Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by BigDawsNet: 8:26am On May 14, 2024

This party …. Wetin Dey sabi?

4 Likes

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by UselessBuharist: 8:26am On May 14, 2024*

He had no plan, empty brain was only shouting “emilokon” he grabbed/stole power and ran with it now he does not know what to do with it.

Where is that lunatic (MANNABBQGRILLSSS) that was jumping up and down on nairaland calling Buhari his darling Daddy. God punish him and his daddy for what they did and supported that has brought Nigeria to this shameful stage

45 Likes 4 Shares

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by Ppogbae: 8:27am On May 14, 2024

Lmao

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by Donaldoni: 8:27am On May 14, 2024

With full local production of petroleum products, this won't matter anymore.

Some months ago, the price of diesel was NGN1,700 per liter with similar exchange rate.

Today it has remained NGN1,100 or thereabout.

With CNG usage and local PMS production underway, better days are ahead.

FG does not care about the dollar again.

Piiigggs can continue to grunt in vain wild ecstasy cheesy

FG is smarter. cheesy

1 Like 1 Share

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by Chuknovski(m): 8:27am On May 14, 2024

which one be slump again, shey na like this dem go dey look this dingbat

3 Likes

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by DIVINEEVIDENCE: 8:27am On May 14, 2024

First Class Accountant asked "Na statistics we go chop?" and Bulabarians were hailing him to high heavens.

Bulaba refused to attend presidential debates and Bulabarians said he's too big for debates.

At Chatham House, he kept nominating lackeys from his entourage to answer questions on presidential affairs for him.

You all will learn by force.

42 Likes 4 Shares

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by otherway: 8:27am On May 14, 2024

So sad.

I saw this coming when I wrote this on a WhatsApp group in April.

1 Like

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by Bunnatex(m): 8:27am On May 14, 2024

The instability in naira is really affecting investment in Nigeria. Naira is being highly volatile, it should settle at a price and not fluctuating like crypto.

7 Likes

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by Joey4321: 8:27am On May 14, 2024

cjrane:
Nothing we can do now. We have to go through this storm and naira will finally stabilize at some point.

What we are observing are the fruits of mindless borrowing and printing of money that was the hallmark of Buhari's regime. Unfortunately, these things take time to manifest and Tinubu is the unlucky guy in power when the effects of those economic crimes by Buhari are now manifesting.

Be receiving yourself.

21 Likes

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by femi4: 8:28am On May 14, 2024

Slumps, collapses, craches..et al follow naira bumper to bumper

6 Likes

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by Brushstrokes20: 8:28am On May 14, 2024

eBOLA is back on rampage! 👌

9 Likes

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by Aremwayne: 8:28am On May 14, 2024

If you complain about the dead government you’d be tagged ipob, let’s sit back and watch them suffer for voting in their Messiah.

12 Likes

Re: Naira Slumps, Exchanges At Over ₦‎1,500 Against Dollar by Greatday8: 8:28am On May 14, 2024

cjrane:
Nothing we can do now. We have to go through this storm and naira will finally stabilize at some point.

What we are observing are the fruits of mindless borrowing and printing of money that was the hallmark of Buhari's regime. Unfortunately, these things take time to manifest and Tinubu is the unlucky guy in power when the effects of those economic crimes by Buhari are now manifesting.

Walai thunder supposed fire u

24 Likes