Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ - Business (3)

Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ - Business (3) - Nairaland

Nairaland Forum › Nairaland General › Business › Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ (11163 Views)

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Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by Gboss247(m): 5:09pm On Feb 06, 2025

eazzzy1:
How much was naira to a dollar when your beloved PDP took over the reigns in 1999? Let me help you. It was #26 naira. By the time they got kicked out it was #216. That’s a percentage change of 731%. Meaning it X 7 in the PDP era, despite subsidy.

APC has done 640% despite floating. It’s equally bad but not comparable. Leave politicking asides, by that simple maths the # will be about the same amount it is now if the PDP remained in power despite subsidizing.

Your so-called floated naira is defended with loans from multilateral organizations and the recent appreciation is cause AfDB $1.1 billion loan

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Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by Blazetrailer: 5:10pm On Feb 06, 2025

Lol...You mean Sanusi Lamido(a political feudal lord) is your authority and source of knowledge?? Shameful

zero8zero:
You're even the biggest slowpoke ever. This is why enlightening slowpokes on Nairaland is extremely tasking. Too many empty heads everywhere.

This was in 2016 when Sanusi, the Ex CBN Governor chimed in on it. Your parents just wasted money on a wrong child's Education.

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by Sonofgod1990(m): 5:15pm On Feb 06, 2025

Factcheck0001:
u these ibos self

If the agulu fraud does one thing u go haywire but if jagaban does 50 good things u talk down on it

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by Factcheck0001: 5:16pm On Feb 06, 2025

Sonofgod1990:
Ok

my guy

Hold your side abeg

1 Like

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by zero8zero(op): 5:16pm On Feb 06, 2025

Gboss247:
How long will the $1.1 billion loan from AFDB last

Go & ask your creator.

1 Like

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by Factcheck0001: 5:18pm On Feb 06, 2025

ogolemati:
you are confused and demon possessed.so jagabandit with APC that said 1$ at 217 is too much should be celebrated at 1$ at 1600.what kind of senseless excuse will someone give to even reason the two.Apc and that your creator druggie were voted by Nigerians to bring 1$ to 50 or even below since they said it's costly then

u that is possessed by mad***s

Who get your time

1 Like

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by Sonofgod1990(m): 5:20pm On Feb 06, 2025

Factcheck0001:
my guy

Hold your side abeg

No vex buddy

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by zero8zero(op): 5:21pm On Feb 06, 2025

Blazetrailer:
Lol...You mean Sanusi Lamido(a political feudal lord) is your authority and source of knowledge?? Shameful

You're a slowpoke, you don dey change goalpost now, gutter illiterate. Are you living in a hole in 2016, 2015, 2014, 2013 that you didn't know what was going on in the financial market. What was the difference between the official and the black market rate?, why did we have FX arbitrage going on?. Abeg shift your mumu to one side.
"There's nothing like FX subsidy" grin

illiterate grin

1 Like

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by Sonofgod1990(m): 5:23pm On Feb 06, 2025

Factcheck0001:
u that is possessed by mad***s

Who get your time

Truth is always bitter
Drop account make i bless you with 50k. Tomorrow is my birthday

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by zero8zero(op): 5:24pm On Feb 06, 2025

Kobojunkie:
Lie-Lie economics.... fascinating, not!

Bring your counter facts, illiterate.

1 Like

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by Factcheck0001: 5:24pm On Feb 06, 2025

Sonofgod1990:
Truth is always bitter
Drop account make i bless you with 50k. Tomorrow is my birthday

guy u know say I know u

I Dey try tell u make u clear for my lane, Samson rest abeg n send that your imaginary 50k to your neglected baby mama

1 Like

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by Blazetrailer: 5:26pm On Feb 06, 2025

Lol... again, you keep exhibiting your limited capacity to reason. i am sure no one is at doubt anymore about the fact that you are a gullible citizen who accepts whatever is churned out by the govt. sources as being the gospel truth without allowing some part of your brain to do some work of thinking deeply whether that could be true or not.

You are the truest dedinition of a "simpleton"

zero8zero:
You're a slowpoke, you don dey change goalpost now, gutter illiterate. Are you living in a hole in 2016, 2015, 2014, 2013 that you didn't know what was going on in the financial market. What was the difference between the official and the black market rate?, why did we have FX arbitrage going on?. Abeg shift your mumu to one side.

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by captianfreeman(m): 5:28pm On Feb 06, 2025

Strengthen?

At almost ₦1600 par dollar!

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by Sonofgod1990(m): 5:29pm On Feb 06, 2025

Factcheck0001:
guy u know say I know u

I Dey try tell u make u clear for my lane, Samson rest abeg n send that your imaginary 50k to your neglected baby mama

Me with baby mama? God forbid

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by TheWitchKing(m): 5:29pm On Feb 06, 2025

helinues:
Slow and steady

2014 = $1 = #126
Them do protest
2025 = $1 = #1625

And you say slow and steady? Come , you don mad before? talk true.

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by ogolemati: 5:30pm On Feb 06, 2025

Factcheck0001:
u that is possessed by mad***s

Who get your time

I won't say madness is your thing but I know demons are also incharge of madness so you have it enough

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by zero8zero(op): 5:31pm On Feb 06, 2025

Acidosis:
What's your point? Because, as far as I know, Mr. Delloite accountant has done nothing incredible to increase the so-called revenue other than take more loans than ever, tax, and transfer the subsidy burden to you, the citizens.

Do you know what's funny? Every gain he anticipated with his bolekaja policy has been fully wiped out by inflation (an unanticipated consequence of his policy). So, when they celebrate and tell you that Customs earned N50 today against N20 in 2021, you can bet that the N30 "gain" is meaningless since Julius Berger will not accept the same funding as in 2021 for road construction. It's like celebrating a 50% increment in your salary when your landlord has just increased your rent by 200%.

You're too dumb to realize that when you printed 30trillion, it will definitely trigger inflation, when farmers cannot go to farm it will lead to inflation coupled with closed borders and all these happened under the last Administration.
Hehe.. he has done nothing to increase revenue?, So, how did foreign reserves grow?, the budget was increased yesterday from 47trillion to 54trillion, was it not as a result of revenue?, illiterate. The foreign loans that is being serviced and reduced to 68%, the funds being approved for several projects are from where?. And if you don't want to pay tax, go to an advanced country and live there, their citizens do not pay taxes.

1 Like

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by zero8zero(op): 5:33pm On Feb 06, 2025

captianfreeman:
Strengthen?

At almost ₦1600 par dollar!

Below 1600

1 Like

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by kelvindj98: 5:35pm On Feb 06, 2025

internationalman:
I’m telling you black market rate was 1480 few days ago. I know because someone sent me money to help them execute a contract just Monday here

Then u were scammed, I changed dollars everyday of this week. The lowest dollar got to in the black market was 1540.

1 Like

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by Alliswell248: 5:42pm On Feb 06, 2025

Racoon:
Not when these same fucktards told Nigerians back then that " is 1$ = #216 ok?" If that was not good then, then $1 = #1600 now is a terrible unacceptable economic situation.

Repeat this statement....

No more fx padding.

Tinubu won't do that.

Emefiele was doing this.

1 Like

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by Astrid4(m): 5:42pm On Feb 06, 2025

Blazetrailer:
I have never seen a more confused contradictions and juxtaposing of realities of the exhange rate systems in one shot...

Two key ones

1. That Nigeria is running a fully floated exgange rate system.? This has been debated several times here on Nairaland and all came to the major conclusion that going by the definition of a floated exhange rate system, Nigeria was not running a floated exhange rate system...all na wash.

2. That there is one unified exhange rate in Nigeria and no black market? (I stopped reading at this point) Why do they have a different rate from FMDQ and a different rate from.BDCs? Why do you even have BDCs when there are banks??

The fact that you are not aware or pretend not to know there is till a thriving black market in the forex system shows how insulated and disconneted you are from what is truly going on.

Most of nairaland folks are ignorant when it comes to issues on macroeconomic but let me school you

Nigeria has been practicing a floating exchange rate system since July 2023 this made naira drop at first to 750 but as time goes due to the higher demand for dollar it made it 1400 here we are at 1580, this is demand and supply pushing your exchange rate had it been we’re practicing a fixed exchange rate there would have several govt intervention such as what osinbajo did to manage our currency some years back but this Tinubu administration has sit back and let the market forces decide our fate, but I’m not so stupid to believe our fate is been decided by market forces alone that why I brought the concept of managed floating system which is a normal global economic standard where govt once in a while intervene in this exchange rate and it’s not a bad thing cos for a oil dependent country like a Nigeria practicing a floating system is going to cause a lot of economic instability for us, cos crisis in the gulf or Change in global oil practices can affect our exchange that’s where govt sometimes comes in to buffer these effect now sentimentally I believe Nigeria is practicing a managed float system. The difference between the managed float system and fixed exchanges rate system is that unlike the fixed the price of a currency is not been pegged at a particular where govt now pours a lot of money to keep this price at this rate but rather the managed float system only govt to intervene once in a while during global crisis or external shock

Government unifying an exchange rate doesn’t mean there won’t be black market but it will reduce the prevalence of black market, but black market will continue to strive due to reasons like demand and supply imbalance, restrictions and regulations, speculation and arbitrage,lack of access to official channels I don’t want to break this down one by one but unifying exchange is not to eliminate the activity of black market as they would continue to strive regardless but it is meant improve market driven exchange rate, increase transparency and access and also ensure strict effective regulations and enforcement e.g the DSS clampdown on this BDCs
Russia, India, Brazil also have black market just like Nigeria but it should noted that in all these countries their activities are been regulated

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Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by Alliswell248: 5:46pm On Feb 06, 2025

TheWitchKing:
2014 = $1 = #126
Them do protest
2025 = $1 = #1625

And you say slow and steady? Come , you don mad before? talk true.

In 2014, oil was sold above 100 USD per barrel. No govt enjoyed this more than Gej.

Despite this, Gej govt borrowed money to pay salaries before he left.

Emefiele printed not less than 30 trillion naira to please the cabal. That was why his tenure was extended. He was padding the fx with 1.5 billion dollars monthly.

Tinubu has stopped all this naira.

1 Like 1 Share

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by Factcheck0001: 5:50pm On Feb 06, 2025

Sonofgod1990:
Me with baby mama? God forbid

u are bipolar

U don forget say na u drop your update of how u kidnap your brother?
.the same man that came back from Canada on d 27th of November and came online to beg for 1k on the 28th of November last year

1 Like

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by AMI3(m): 6:04pm On Feb 06, 2025

zero8zero:
You guys are now sounding like a broken record. You suffering from amnesia the FX subsidy that was spent to keep it that low every month.

That is the new line they have sold to u gullible ones.
Make una continue

2 Likes

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by AMI3(m): 6:08pm On Feb 06, 2025

Alliswell248:
In 2014, oil was sold above 100 USD per barrel. No govt enjoyed this more than Gej.

Despite this, Gej govt borrowed money to pay salaries before he left.

Emefiele printed not less than 30 trillion naira to please the cabal. That was why his tenure was extended. He was padding the fx with 1.5 billion dollars monthly.

Tinubu has stopped all this naira.

Is that the new excuse they have sold to u guys?

How many months did naira rise to this point?
If it is GEJ will u say this?
What is bad is bad

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by Afrobasic(m): 6:10pm On Feb 06, 2025

zero8zero:
You guys are now sounding like a broken record. You suffering from amnesia the FX subsidy that was spent to keep it that low every month.

Imagine the gaslighting. Smh.

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by Afrobasic(m): 6:11pm On Feb 06, 2025

Racoon:
Not when these same fucktards told Nigerians back then that " is 1$ = #216 ok?" If that was not good then, then $1 = #1600 now is a terrible unacceptable economic situation.

Don't mind those bastards. Now the same APC Clowns want us to give them a round of applause for N1600 to $1.

1 Like

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by Bluntemperor: 6:17pm On Feb 06, 2025

zero8zero:
Gradually firming up.. The decision to approve CFA and Yuan currency swap will further improve the naira.

You are right!
Besides,what Nigeria should do is to Increase her Output in Foreign Earnings.
Can DISCOS - allowed Nigerians to have good Manufacturing Sectors- that should be Export Oriented?

1 Like

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by Dada4me: 6:29pm On Feb 06, 2025

I will only take this kind of news serious when a dollar is #600 or below it.

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by TheWitchKing(m): 6:35pm On Feb 06, 2025

Alliswell248:
In 2014, oil was sold above 100 USD per barrel. No govt enjoyed this more than Gej.

Despite this, Gej govt borrowed money to pay salaries before he left.

Emefiele printed not less than 30 trillion naira to please the cabal. That was why his tenure was extended. He was padding the fx with 1.5 billion dollars monthly.

Tinubu has stopped all this naira.

No wahala , what had changed ? And is the change glaring?

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by Acidosis(m): 6:38pm On Feb 06, 2025

zero8zero:
You're too dumb to realize that when you printed 30trillion, it will definitely trigger inflation, when farmers cannot go to farm it will lead to inflation coupled with closed borders and all these happened under the last Administration.
Hehe.. he has done nothing to increase revenue?, So, how did foreign reserves grow?, the budget was increased yesterday from 47trillion to 54trillion, was it not as a result of revenue?, illiterate. The foreign loans that is being serviced and reduced to 68%, the funds being approved for several projects are from where?. And if you don't want to pay tax, go to an advanced country and live there, their citizens do not pay taxes.

I like the fact that you think you can whitewash failure. It's only a matter of time. Your mentor, Manna BBQ grill s, did more than you're doing. Soon, you'll look back and see how d u m b you've been 😂

Is "go to an advanced country to pay tax" supposed to be an insult? Lol, even your useless leaders dey japa to recharge and recalibrate at your expense.

3 Likes

Re: Naira Strengthens At The Black Market, Breaks Below ₦1,600/$ by stampo: 7:02pm On Feb 06, 2025

₦1600 Na strength ?

No be GADUS strength be this ??

Naira, just dey where u dey o... Anytime wey them remember you, them go lift u up...

1 2 3 4 Reply

Naira Depreciates N1,600/$ In Official Market • Naira Down To N1,600/$ In Parallel Market • Naira Strengthens Against The Dollar, Sells At N1400/$ On The Parallel Market • 2 • 3 • 4

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