Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary - Business

Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary - Business - Nairaland

Nairaland Forum › Nairaland General › Business › Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary (51222 Views)

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Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by treesun(op): 7:51am On May 31, 2024

The Naira recorded its first massive depreciation against the dollar at the foreign exchange market 24 hours after President Bola Ahmed Tinubu’s first anniversary.

FMDQ data showed that the Naira depreciated to N1484.75 against the Dollar on Thursday from N1329.65 on Wednesday.

This represents an N155.1 loss against the dollar compared to N1329.65 traded on Wednesday.

Similarly, at the parallel market section the depreciated to N1490 per dollar on Thursday from N1480 the previous day.

The development comes as the turnover of foreign exchange transactions dropped to $235.41 million on Thursday from $328 million on Tuesday.

Accordingly, the last time the Nadepreciatedated at both official and parallel foreign exchange markets was on May 23, 2024, when the Central Bank of Nigeria announced fresh guidelines to Bureau De Change operators.

Since mid-April, the Naira has continued to fluctuate against the dollar at the forex market despite CBN interventions.

Olayemi Cardoso, the governor of CBN at the last 295th Monetary Policy Committee blamed the volatility on seasonal fluctuations.

The governor of the Central Bank of Nigeria, Olayemi Cardoso, said that the apex bank has not revoked the licenses of Moniepoint, Opay, and other fintech.

https://dailypost.ng/2024/05/30/naira-crashes-massively-against-dollar-24-hours-after-tinubus-anniversary/

2 Likes

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by Nackzy: 7:52am On May 31, 2024

Nigeria is a scam

167 Likes 12 Shares

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by God1000(m): 7:56am On May 31, 2024*

Why the daily update on currency fluctuation?

92 Likes 9 Shares

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by 0001Lagos: 8:04am On May 31, 2024

Shameless government, see the nonsense they are celebrating..

What a useless and foolish sets of people we have today in government.

How much is bag of garri and rice in the market today ?

Tinubu is worse than buhari obviously

227 Likes 12 Shares

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by Validated: 8:04am On May 31, 2024

God1000:
Why the daily update on the currency fluctuation?

Why not, if not?

36 Likes

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by thesicilian: 8:05am On May 31, 2024

God1000:
Why the daily update on the currency fluctuation?

Their own is not even update per se. They only report when things are not going well

13 Likes 2 Shares

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by Racoon(m): 8:05am On May 31, 2024

Economic incompetency and cluelessness of a balabloo-blu-bulava tinubulation government.

64 Likes 2 Shares

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by OKOATA(m): 8:06am On May 31, 2024

Validated:
Why not, if not?

Has prices of goods and commodities come down? Celebrating naira/dollar rise and fall like person wey dey shout up NEPA. Alaye nobody gives a hoot whether dollar or naira falls. As long as prices of things are the same your naira/dollar holds no value.

17 Likes 2 Shares

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by Solofresh2: 8:08am On May 31, 2024

Seems this is deliberate sad

3 Likes

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by deathtoLeo: 8:15am On May 31, 2024

God1000:
Why the daily update on the currency fluctuation?

yeroba Muslim the hamas sympathizer
God bless Isreal
hiohiohiohiohio

61 Likes 2 Shares

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by magoo10(m): 8:17am On May 31, 2024*

Irresponsible government distabilizing people's businesses with unstable forex .even buhari in all his cluelessness did better than this
We all know the news about dollar crashing was may 29th propaganda.

36 Likes 2 Shares

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by ttobizz(m): 8:18am On May 31, 2024

Validated:
Why not, if not?

Always addressing issues with sentiment. It's on this same platform we get news of naira appreciation.

6 Likes

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by OkpaNsukkaisBae(m): 8:23am On May 31, 2024

thesicilian:
Their own is not even update per se. They only report when things are not going well

Nobody is stopping you from reporting when things are going well

49 Likes

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by thesicilian: 8:30am On May 31, 2024

OkpaNsukkaisBae:
Nobody is stopping you from reporting when things are going well

Guilty conscience undecided

4 Likes

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by OkpaNsukkaisBae(m): 8:31am On May 31, 2024

thesicilian:
Guilty conscience

You will not die if you report the good news

33 Likes

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by thesicilian: 8:34am On May 31, 2024

OkpaNsukkaisBae:
You will not die if you report the good news

Alright I accept.
I'll keep reporting good news while you keep reporting bad news.

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by IkeIgboNiile(m): 8:40am On May 31, 2024

thesicilian
Their own is not even update per se. They only report when things are not going well[/quote]When has things ever gone right with this present administration? This government is the worst.

65 Likes 5 Shares

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by Ofunaofu: 8:43am On May 31, 2024

Solofresh2:
Seems this is deliberate

Deliberate by the Tinubu calamitous administration

8 Likes

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by thesicilian: 8:45am On May 31, 2024

IkeIgboNiile:
thesicilian
Their own is not even update per se. They only report when things are not going well

When has things ever gone right with this present administration? This government is the worst.

You see what you look for

2 Likes

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by IkeIgboNiile(m): 8:50am On May 31, 2024

thesicilian
You see what you look for

What do you see? Please tell me, i want to know.

37 Likes 2 Shares

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by ibtommy(m): 9:09am On May 31, 2024

God1000:
Why the daily update on the currency fluctuation?

.
It's not out of place.,bro.

2 Likes

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by Jubrilv(m): 9:12am On May 31, 2024

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by Legitz: 9:41am On May 31, 2024

Tinubu 8 years no shaking

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by grandstar(m): 9:44am On May 31, 2024

I sense the true exchange range of the Naira is between 1,500-1,800 based on the current fundamentals.

I feel at 1,800, all the turbulence and volatility will end.

7 Likes

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by SaiOba: 9:57am On May 31, 2024

Can you please tell us why we don't need a daily update on our economy, currency etc... Please, we really would love to know why we would not need a daily update.
If you would prefer a yearly update, please state your reasons.
Thank You.

God1000:
Why the daily update on the currency fluctuation?

13 Likes 2 Shares

Re: Naira Crashes Massively Against Dollar 24 Hours After Tinubu’s Anniversary by SaiOba: 10:03am On May 31, 2024

Oya, let's share it.. You kukuma be reporting the things that are going well in the country because that's all we want for this beautiful country grin