Naira Plummets To N1,745/$1, Traders Blame Speculators - Business

Naira Plummets To N1,745/$1, Traders Blame Speculators - Business - Nairaland

Nairaland Forum › Nairaland General › Business › Naira Plummets To N1,745/$1, Traders Blame Speculators (16516 Views)

Naira Plummets To N1,745/$1, Traders Blame Speculators by ogododo(op): 12:11pm On Dec 11, 2024

The exchange rate between the naira and dollar slid back to around N1,745/$1 on the parallel market a sharp reversal from the sub N1,600 levels recorded at the end of last week.

An earlier article by Nairametrics quoted the exchange rate at around N1,685/$1, however quotes quickly depreciated as business activities resumed fully.

Checks by Nairametrics as of 10am Wednesday December 11 show several rates above the N1,700/$1 mark suggesting that the gains seen last week may have been a “dead cat bounce” a market terminology for temporary gains.

https://nairametrics.com/2024/12/11/naira-plummets-to-n1745-1-traders-blame-speculators/

14 Likes 2 Shares

Re: Naira Plummets To N1,745/$1, Traders Blame Speculators by CodeTemplar: 12:14pm On Dec 11, 2024*

Instead of blaming speculators, let the airconditioned offices addicted govt replace our top imports with local alternatives to crash demand for, and thus, prices of forex.
From our top 10 imports, six are replacable in 24 months if the govt is serious.

OUR MAJOR IMPORTS
1 PMS — ₦9.18tn
2 Gas oil — ₦3.22tn
3 Wheat — ₦1.23tn
4 Butanes — ₦0.6tn
5 Sugar Cane — ₦581.36bn
6 Used Vehicles — ₦284.46bn
7 Kerosene — ₦250.2bn
8 Motorcycles — ₦245.01bn
9 Machines — ₦242.73bn
10 Other medicaments — ₦227.9bn

46 Likes 5 Shares

Re: Naira Plummets To N1,745/$1, Traders Blame Speculators by unclejb2(m): 12:38pm On Dec 11, 2024

Tinubu keeps forgetting that he cannot use propaganda to fix Nigeria

162 Likes 10 Shares

Re: Naira Plummets To N1,745/$1, Traders Blame Speculators by TimeManager(m): 12:42pm On Dec 11, 2024

ogododo:
The exchange rate between the naira and dollar slid back to around N1,745/$1 on the parallel market a sharp reversal from the sub N1,600 levels recorded at the end of last week.

An earlier article by Nairametrics quoted the exchange rate at around N1,685/$1, however quotes quickly depreciated as business activities resumed fully.

Checks by Nairametrics as of 10am Wednesday December 11 show several rates above the N1,700/$1 mark suggesting that the gains seen last week may have been a “dead cat bounce” a market terminology for temporary gains.

https://nairametrics.com/2024/12/11/naira-plummets-to-n1745-1-traders-blame-speculators/

This is P2P rates. On official market it is $1520.

-Kiss the truth

17 Likes 2 Shares

Re: Naira Plummets To N1,745/$1, Traders Blame Speculators by 123456789O: 12:48pm On Dec 11, 2024

LOL, expected. Tinubu’s loyalist even warned that Tinubu’s naira go still crash, but some people still fell victim grin

42 Likes

Re: Naira Plummets To N1,745/$1, Traders Blame Speculators by 123456789O: 12:51pm On Dec 11, 2024

TimeManager:
This is P2P rates. On official market it is $1520.

-Kiss the truth

Please will you sell to me at the official price? I want to buy now.

86 Likes 1 Share

Re: Naira Plummets To N1,745/$1, Traders Blame Speculators by Bobloco: 12:54pm On Dec 11, 2024

unclejb2:
Tinubu keeps forgetting that he cannot use propaganda to fix Nigeria

Propaganda doesn't grow economy

Propaganda cannot fix the economy

69 Likes

Re: Naira Plummets To N1,745/$1, Traders Blame Speculators by Odutayo1: 12:58pm On Dec 11, 2024*

Case closed

1 Like 1 Share

Re: Naira Plummets To N1,745/$1, Traders Blame Speculators by TimeManager(m): 12:58pm On Dec 11, 2024

123456789O:
Please will you sell to me at the official price? I want to buy now.

Between $1520 & $1570 currently

-Kiss the truth!

12 Likes 2 Shares

Re: Naira Plummets To N1,745/$1, Traders Blame Speculators by TimeManager(m): 1:04pm On Dec 11, 2024*

ogododo:
https://nairametrics.com/2024/12/11/naira-plummets-to-n1745-1-traders-blame-speculators/

You're being clever by half, why did you not post the full article?. You cut off the part that pleases you knowing the gullible ones would fall for it. Where was the rest of the report?. The report quoted P2P platforms selling at $1745.

Below is the rest of the article;

Some P2P exchanges quoted N1,715/$1 while some IMTOs checked by Nairametrics quoted N1,745. Stock trading apps like Bamboo and Trove quoted for N1,730/$1 and N1,736/$1 respectively.

Meanwhile, the exchange rate between the naira and dollar in the official market closed at around N1,525/$1 on Tuesday the strongest close since the EFEM was introduced.

-Kiss the truth!

14 Likes 3 Shares

Re: Naira Plummets To N1,745/$1, Traders Blame Speculators by givedemwotowoto: 1:08pm On Dec 11, 2024

Obaaderemi2 Report here

1 Like

Re: Naira Plummets To N1,745/$1, Traders Blame Speculators by 123456789O: 1:13pm On Dec 11, 2024

TimeManager:
Yes, I would have, if i was placing an offer.

-Kiss the truth!

Lol, place the offer where? Will you sell at the "official" price? Show workings, no be cho cho cho propaganda. I get plenty naira to dump. We can use Fergie001 or Mynd44 as escrow. In fact, I want you to gain sef. Buy at $1520 from the place you buy at the official price, I'll buy everything from you at 1599.. 🤣

47 Likes 2 Shares

Re: Naira Plummets To N1,745/$1, Traders Blame Speculators by 123456789O: 1:13pm On Dec 11, 2024

MEGAWATCH:
Hahaha!.

You are asking a political jobber to sale dollars to you?

You should have asked him the last time he saw a dollar bill.

😁🤣🤣🤣🤣🤣

🤣

18 Likes 1 Share

Re: Naira Plummets To N1,745/$1, Traders Blame Speculators by TimeManager(m): 1:36pm On Dec 11, 2024

123456789O:
Lol, place the offer where? Will you sell at the "official" price? Show workings, no be cho cho cho propaganda. I get plenty naira to dump. We can use Fergie001 or Mynd44 as escrow. In fact, I want you to gain sef. Buy at $1520 from the place you buy at the official price, I'll buy everything from you at 1599.. 🤣

I said YES. back off abeg.

-Kiss the truth!

4 Likes

Re: Naira Plummets To N1,745/$1, Traders Blame Speculators by 123456789O: 1:40pm On Dec 11, 2024

TimeManager:
I said YES. back off abeg.

-Kiss the truth!

You're saying yes and back off at the same time? 😆 😂

48 Likes 1 Share

Re: Naira Plummets To N1,745/$1, Traders Blame Speculators by kokakola: 1:42pm On Dec 11, 2024

As a Man, monitor and be prudent with your financial life very strictly because it's hard to find help when you are broke.

50 Likes 7 Shares

Re: Naira Plummets To N1,745/$1, Traders Blame Speculators by Gbadugbakun(m): 1:42pm On Dec 11, 2024

Re: Naira Plummets To N1,745/$1, Traders Blame Speculators by Kukutente23: 1:42pm On Dec 11, 2024

Chai!!

I should have bought this thing before now o

I was hoping on the thing going down further

6 Likes

Re: Naira Plummets To N1,745/$1, Traders Blame Speculators by galserv: 1:42pm On Dec 11, 2024

Pigs can now rejoice embarassed

But then, let me see NAFEM and NAFEX rates first.

2 Likes

Re: Naira Plummets To N1,745/$1, Traders Blame Speculators by Kaybee14(m): 1:43pm On Dec 11, 2024

It is well.

Re: Naira Plummets To N1,745/$1, Traders Blame Speculators by xristos(m): 1:43pm On Dec 11, 2024

Mad profits to those smarts who bought the 1500 dip..🔥

4 Likes

Re: Naira Plummets To N1,745/$1, Traders Blame Speculators by koladata(m): 1:43pm On Dec 11, 2024*

We were not producing when dollar was selling at 200 naira about 10 years ago, Just sell the dollar you make from oil to the common man and watch naira appreciate.

Let me have access to it in my gtb card when ever I want to pay IG ads , or when ever I want to pay for flight or buy 5k dollars worth of item from alibaba. Its not rocket science. Let the people who need 1million dollars deal with aboki

4 Likes