Naira Slumps Against Dollar At FX Markets - Business

Naira Slumps Against Dollar At FX Markets - Business - Nairaland

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Naira Slumps Against Dollar At FX Markets by thatsleepboy1(op): 5:31am On Nov 13, 2024

The naira continued to depreciate against the dollar at both official and parallel foreign exchange markets.

FMDQ data showed that the naira fell to N1689.88 per dollar on Tuesday from N1681.42 exchanged on Monday, recording N8.42 depreciation.

Similarly, at the black market, the naira lost N5 to close at N1740 on Tuesday from N1735, exchanged on Monday.

This comes as FX supply transaction turnover dropped to $106.44 million on Tuesday from $471.5 million recorded the previous day.

DAILY POST reports that BMI, a Fitch Solutions subsidiary, projected that the naira may fall to N1,993 per dollar in the coming days.

The depreciation of the naira comes despite Nigeria’s foreign exchange reserves increasing to $40.167 billion as of November 11, 2024, according to the Central Bank of Nigeria’s data.

https://dailypost.ng/2024/11/12/naira-slumps-against-dollar-at-fx-markets/

4 Likes

Re: Naira Slumps Against Dollar At FX Markets by saintopus(m): 7:07am On Nov 13, 2024

My question is why is it that since Dangote Refinery started producing why is the naira keep falling even though we were told that 40% of our FX is used for importing petrol.

The more you look, the less you see

119 Likes 12 Shares

Re: Naira Slumps Against Dollar At FX Markets by Sheuns(m): 12:16pm On Nov 13, 2024*

Ban Binance
Ban Aboki FX
Ban Aboki street
Ban imports
Ban this
Ban that.
Blame Emefiele
Blame Buhari

Still Our first class economic graduate that tamed the Atlantic Ocean and moved Lagos to the 5th largest economy in Africa struggles to do the basic things he accused past administrations of PDP of not getting right.

When he was in opposition he had all the ideas on how to turn Nigeria for better. He reach his turn now his “special team” have proven to be full of incompetent people.

Tax master that’s what he is. That’s all he did in Lagos. A large % of those taxes end up in a few politician pockets.

98 Likes 6 Shares

Re: Naira Slumps Against Dollar At FX Markets by ShinjaWWest: 12:17pm On Nov 13, 2024

Tinubu don scatter Nigeria ooo

Anyway God bless the good people of Southsouth and Southwest

19 Likes 2 Shares

Re: Naira Slumps Against Dollar At FX Markets by Tetrahedron(m): 12:17pm On Nov 13, 2024

Yet petrol cabal wants to keep importing fuel.
Girls in naija still accounting for billions of dollars every year because they keep buying imported fake human hair from china using the same dollars

5 Likes 1 Share

Re: Naira Slumps Against Dollar At FX Markets by awizza(m): 12:18pm On Nov 13, 2024

This is why prices of goods are so eratic... depretiation and appreciation on hourly basis... its crazy.

6 Likes

Re: Naira Slumps Against Dollar At FX Markets by Brendaniel: 12:18pm On Nov 13, 2024*

saintopus:
My question is why is it that since Dangote Refinery started producing why is the naira keep falling even though we were told that 40% of our FX is used for importing petrol.

The more you look, the less you see

And you believed the lies Tinubu and APC were telling Nigerians, I never believed it...

The main reason why Naira is falling has little or nothing to do with almost everything they claimed, the main reason is corruption and mainly by Tinubu, APC and the entire government in partnership with their cronies outside of government...

When they say import and all that production thing they say I just laugh, those are secondary issues, till you see these present politicians running up and down to oppose a monetary policy Tinubu or the CBN makes then know they have started doing the right thing.

Sheuns:
Nigeria. The country that defies all economic logics.

It doesn't defy any economic logic, we just have wicked and heartless leaders currently running the country...

28 Likes 3 Shares

Re: Naira Slumps Against Dollar At FX Markets by NaijaCover(m): 12:18pm On Nov 13, 2024

Hmmmmmm

Re: Naira Slumps Against Dollar At FX Markets by jmoore(m): 12:18pm On Nov 13, 2024

The vultures of babablu have gone into hiding. Come and blame binance. Mumu Ebola people.

13 Likes

Re: Naira Slumps Against Dollar At FX Markets by Lungs: 12:18pm On Nov 13, 2024

saintopus:
My question is why is it that since Dangote Refinery started producing why is the naira keep falling even though we were told that 40% of our FX is used for importing petrol.

The more you look, the less you see

Your question should be why haven't you guys match to Aso rock to give that BASTARD temple run 🏃🏃

9 Likes

Re: Naira Slumps Against Dollar At FX Markets by richard870(m): 12:18pm On Nov 13, 2024

Nothing new here

Re: Naira Slumps Against Dollar At FX Markets by qtx(m): 12:18pm On Nov 13, 2024

DONT PITY ME, I ASKED FOR THE JOB. "only pity yourselves wei go hearam"

2 Likes 1 Share

Re: Naira Slumps Against Dollar At FX Markets by obinna58(m): 12:19pm On Nov 13, 2024

Slumps🤣🤣🤣

Not even depreciate but slumping, a total collapse/failure, at this rate the fragility of naira is on level to none

9 Likes 1 Share

Re: Naira Slumps Against Dollar At FX Markets by Vectorchuks: 12:19pm On Nov 13, 2024

Naira I hail thee

1 Like

Re: Naira Slumps Against Dollar At FX Markets by Zico5(m): 12:19pm On Nov 13, 2024

I wonder what will make some people to continue support this government of no direction. I don't know if some of them have no relative to talk to them at all. They are even bold to bring their foolishness to this forum. How I wish I can see some of them face to face then they will know kakhi no be leather. Tinubu is a curse to humanity

25 Likes 4 Shares

Re: Naira Slumps Against Dollar At FX Markets by Cruzmaster: 12:19pm On Nov 13, 2024

Peter Obi and Igbos must be in severe pain now our Afo nja brother is doing well 😉 We are now buying private jets while Igbos are suffering 😜

18 Likes 1 Share

Re: Naira Slumps Against Dollar At FX Markets by techbro1: 12:19pm On Nov 13, 2024

Zero surprise here

4 Likes

Re: Naira Slumps Against Dollar At FX Markets by SmallDick99(m): 12:19pm On Nov 13, 2024

The federal government has lost control on the exchange rate

sad

4 Likes

Re: Naira Slumps Against Dollar At FX Markets by Exceed15: 12:20pm On Nov 13, 2024

saintopus:
My question is why is it that since Dangote Refinery started producing why is the naira keep falling even though we were told that 40% of our FX is used for importing petrol.

The more you look, the less you see

Point of correction. Since Tinubu took over .

7 Likes

Re: Naira Slumps Against Dollar At FX Markets by SmartPolician: 12:20pm On Nov 13, 2024

Sheuns:
Nigeria. The country that defies all economic logics.

Nigeria doesn't defy anything. The problem of the country is that it has more frienemies than compatriots. Most Nigerians steal from the system; there's no way a country like that can succeed.

6 Likes

Re: Naira Slumps Against Dollar At FX Markets by occfx: 12:20pm On Nov 13, 2024

thatsleepboy1:
https://dailypost.ng/2024/11/12/naira-slumps-against-dollar-at-fx-markets/

If it like let it summer tumble... Slumping is pampering name.

6 Likes

Re: Naira Slumps Against Dollar At FX Markets by bestman09(m): 12:20pm On Nov 13, 2024

I thought it was BINANCE EXCHANGE that is the reason? grin

8 Likes 2 Shares

Re: Naira Slumps Against Dollar At FX Markets by Exceed15: 12:21pm On Nov 13, 2024

If you want to know mentally ill people check Tinubu supporters

14 Likes 2 Shares

Re: Naira Slumps Against Dollar At FX Markets by elder1002(m): 12:21pm On Nov 13, 2024

What are we selling that brings foreign investors into the country asside crude

Yet you tax all foreign investors out from the economy.

Just like buhari, tinubu and his central bank Governor lacks what it takes to revive the naira.

Expecially the central bank Governor in charge of our monetary POLICY

3 Likes 2 Shares

Re: Naira Slumps Against Dollar At FX Markets by ATEAMS: 12:22pm On Nov 13, 2024

Toh

Re: Naira Slumps Against Dollar At FX Markets by hisexcellency34: 12:22pm On Nov 13, 2024

Slump today, slump tomorrow
When will the Naira die?

3 Likes

Re: Naira Slumps Against Dollar At FX Markets by Racoon(m): 12:22pm On Nov 13, 2024

Tinubu’s balablu voodoo economic still unveiling.

2 Likes

Re: Naira Slumps Against Dollar At FX Markets by Basiljoe: 12:23pm On Nov 13, 2024

Obi must be taught a lesson.

Jagaban till 2035. grin

6 Likes 1 Share

Re: Naira Slumps Against Dollar At FX Markets by Klington: 12:23pm On Nov 13, 2024

Tulumbu destroyed everything with his unmatched cluelessness and gross incompetence and ineptitudeness.

1 Like

Re: Naira Slumps Against Dollar At FX Markets by Hotspurs: 12:23pm On Nov 13, 2024

true that

saintopus:
My question is why is it that since Dangote Refinery started producing why is the naira keep falling even though we were told that 40% of our FX is used for importing petrol.

The more you look, the less you see

Re: Naira Slumps Against Dollar At FX Markets by BlackyOne: 12:24pm On Nov 13, 2024*

Shit hole! APC came to steal, kill, and destroy!!

We were told that using FX for petroleum subsidy is the main reason for naira losing value!

We were told saving our FX will strengthen the naira.

Logically these sounds true, but why is the dollar now scarce for manufacturing, Agro chemical industry?

Why are investors pulling out of the country with no new FDI since the government of Tinubu? No investor, No job, Higher cost of living!

Where is the 40% crude oil from All NNPC JVs?

Why is Dangote petroleum products more expensive even when it is locally produced?

10yrs of APC and yet our NNPC refineries in Warri, kaduna, and port Harcourt, are still undergoing maintenance will huge contract sums while being fully staffed with zero production?

Where is the real progress on all agricultural investments and schemes by SS and SE governors for the past 10 yrs?

4 Likes

Re: Naira Slumps Against Dollar At FX Markets by onadana: 12:25pm On Nov 13, 2024

Buying from black market is far above that.Tinubu destroyer of anything left in Nigeria.

3 Likes 1 Share

1 2 3 Reply

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