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Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate - Business - Nairaland

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Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Sunofgod(m): 7:57pm On Dec 31, 2021
Nigerian naira tumbled to N435 against the dollar at the official market on Friday.

This is coming as the Central Bank of Nigeria (CBN) adjusted the country’s exchange rate on its website to N413.49/$1 — in what seems to be another devaluation this year. shocked

In May, the apex devalued the naira from N379 to N411 per dollar by adopting the (I&E) window.

Although Godwin Emefiele, governor of the CBN, had dismissed insinuations about naira devaluation, says Nigeria operates a managed-float exchange regime.

A managed float fx regime is when exchange rates fluctuate daily, but central banks attempt to influence the rate by buying and selling currencies to maintain a specific range.

Checks by TheCable showed that the local currency, which opened trading at an indicative price of N420.67 to a dollar, dropped to N435 at the end of Friday’s trading, according to FMDQ OTC Securities Exchange, a platform that oversees foreign-exchange trading in Nigeria.

The naira was quoted as high as N445.50 per dollar during the intra-day trading.

Nwanisobi Osita, spokesperson of the CBN, told TheCable that the market determines the exchange rate.

“If you see N413, then that’s what it is. The market determines the rate,” Osita said.

The apex bank has devalued the exchange rate multiple times since March 2020 as it strives to bridge the disparity between the official and parallel market rates.

At the parallel market, the local currency stabled at N570 to a dollar.

https://www.thecable.ng/naira-tumbles-to-n435-1-at-official-market-as-cbn-adjusts-forex-rate

1 Like

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by MANNABBQGRILLS: 8:03pm On Dec 31, 2021
This is coming as the Central Bank of Nigeria (CBN) adjusted the country’s exchange rate on its website to N413.49/$1 
Slow and steady we will get to the nation of our dreams.
Nigeria will succeed and wake up to be the GIANT God has created it to be.

God bless Nigeria and all the good, honest and hardworking Nigerians.
We will keep believing in her and keep praying for her.
We shall get there.

#TeamPositivity.

We Rise.

51 Likes 12 Shares

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Jibwillz: 8:03pm On Dec 31, 2021
From 1.650 2weeks ago to 1.740 now

Bad market for PTA hustlers undecided undecided

9 Likes

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by tititaiwo44(f): 8:03pm On Dec 31, 2021
One word- in the new year, set your gaze towards earning in foreign currency. Our naira is on a long steep.

109 Likes 4 Shares

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by visijo(m): 8:04pm On Dec 31, 2021
I come in peace. Will pharmacies be open tomorrow?

8 Likes

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by hopefulLandlord: 8:04pm On Dec 31, 2021
People keep praying for Nigeria to get better while it only gets worse. Nigeria is proof prayers are extremely useless

44 Likes 10 Shares

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Lawalemi(m): 8:04pm On Dec 31, 2021
This country is crashing steadily cry

15 Likes 1 Share

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Maxymilliano(m): 8:04pm On Dec 31, 2021
A wonderful New Year gift from Buhari ...

22 Likes 2 Shares

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by dingbang(m): 8:04pm On Dec 31, 2021
angry
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by omonla10(m): 8:04pm On Dec 31, 2021
Another round of inflation

1. Starting from increase in custom duty
2. Increase in black market
3. Inflation bites every sector in d economy
4. We adjust to inflation and settle down

Boom! Govt devalues naira again

Repeat steps 1 to 4. And d cycle continues

26 Likes 3 Shares

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by shopwiser: 8:04pm On Dec 31, 2021
Wetin concern me...make I just dey trade my forex dey go

8 Likes

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by lkillbrokehoes: 8:04pm On Dec 31, 2021
Interesting

1 Like

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by VOsimhen144(m): 8:04pm On Dec 31, 2021
Buhari is a great Economist, Buhari has made life so easy for Nigerians, He created millions of jobs, security is good, we can travel to any part of the North with our mind at rest. Infact Buhari is the best thing that has ever happened to Nigeria. Learn to appreciate his good work.


Zombies and BMC miscreants Hope I tried??

68 Likes 5 Shares

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Elidrisy20: 8:05pm On Dec 31, 2021
So that is how Naira tends to end 2021, wish strength in 2022
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by JackDaAlienz(m): 8:05pm On Dec 31, 2021
Hooof
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by rentAcock(m): 8:05pm On Dec 31, 2021
Even if Naira drops to N4000/$, I will continue to believe in this country because I can see what's coming. The wise are heavily investing in Nigeria while the weak are looking for how to go abroad. The whole world is tired of China, they are looking for cheap labor, Nigeria is the next China. We have the population, the youth and the literacy level to be the next manufacturing power. Plus, several countries that benefited from slavery (U.S, UK, Spain and Portugal) have proposed ways to pay back Africans for all the abuse, exploitations throughout our history. There is a conscious effort to make Africa the next industrial hub. Those lacking foresight won't see this, they only see the now and not the later. Ignore the noise and look for a small factory you can start; In the next 5yrs all the big multinational companies like Amazon, Walmart and co will be pouring billions into our infrastructure just to enable us to manufacture goods for them. So many people will miss this boat, but you are hearing this now, act on it.

18 Likes 13 Shares

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Pravedk: 8:05pm On Dec 31, 2021
We all know that 435 is not the true value of the naira


In other news. I wish you all happy next year.

1 Like

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Pk01(m): 8:05pm On Dec 31, 2021
Haaa apc wahala..
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by gbadexy(m): 8:05pm On Dec 31, 2021
Ok.
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by paymentvoucher: 8:06pm On Dec 31, 2021
Mehn see headline!!! shocked shocked

Naira Tumbles cry

4 Likes

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by specialmati(m): 8:06pm On Dec 31, 2021
embarassed embarassed embarassed embarassed embarassed embarassed all because they voted an elenthus with his team of incompetent people, well since parallel market still at 570 from 190 we are getting closer to 1000 per dollar.in 2023 make una vote another set of elenthus na una go suffer it.if you are not earning in dollar find away to do.because the next set of elenthus may make 1dollar equals 1000 if not averted

13 Likes 1 Share

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Zico5(m): 8:06pm On Dec 31, 2021
post=108971284:

Slow and steady we will get to the nation of our dreams.
Nigeria will succeed and wake up to be the GIANT God had created it to be.

God bless Nigeria and all the good, honest and hardworking Nigerians.
We will keep believing in her and keep praying for her.
We shall get there.

#Team Positivity.

We Rise.
I know u will wake up one day. Something will surely wake u up

41 Likes 1 Share

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Slymontee: 8:07pm On Dec 31, 2021
Government of terrorists, by terrorists and for terrorists! God will deliver us. He is faithful and merciful.

8 Likes 3 Shares

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Wisdomkosi(m): 8:07pm On Dec 31, 2021
Buhari Is A Failure

8 Likes 1 Share

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by donPhill(m): 8:07pm On Dec 31, 2021
Me wey need some money to register for data science
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Angelfrost(m): 8:07pm On Dec 31, 2021
About 1 year to go.... Oga Buhari, how far with the $1 = #1 promise?!!

Have a word with CBN o!!! They are slacking. tongue

5 Likes 1 Share

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by Nobody: 8:07pm On Dec 31, 2021
Bb
Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by NwaNimo1(m): 8:07pm On Dec 31, 2021
2022 don begin...

[img]https://media1./images/8807adc6ac7cb9f818dbfefab96aef8c/tenor.gif?itemid=5256534[/img]

3 Likes

Re: Naira Tumbles To N435/$1 At Official Market As CBN Adjusts Forex Rate by JANK23H(m): 8:08pm On Dec 31, 2021
post=108971284:

Slow and steady we will get to the nation of our dreams.
Nigeria will succeed and wake up to be the GIANT God had created it to be.

God bless Nigeria and all the good, honest and hardworking Nigerians.
We will keep believing in her and keep praying for her.
We shall get there.

#Team Positivity.

We Rise.
Are you saying this with conviction?

6 Likes

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