FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours - Business (3)

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FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours - Business (3) - Nairaland

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Naira Depreciates By ₦‎81/$ At Foreign Exchange Market / FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom / Economic Crisis: Naira To Fall Further In January, Says CBN Report (2) (3) (4)

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Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Kobicove(m): 8:31pm On May 05

You people should stop causing panic with this type of news angry

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by sonofthunder: 8:31pm On May 05

ogododo:

https://dailypost.ng/2024/05/05/fx-crisis-naira-depreciates-by-n130-against-dollar-in-24-hours/

Why is it always crashing on weekends? What's making it to crash?

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by kiddkash(m): 8:32pm On May 05

Nawa ok. Tinubu get your act in order. This is not good for business people or investors

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by bigiyaro(m): 8:35pm On May 05

Crypto P2P traders want to kill us in this country. But how are they still manupulating the naira? I thought they have been banned left right and center.

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Blaze14k: 8:38pm On May 05

ShoeGetSize:
Na only "Toh" you sabi talk?

Obviously he has nothing to say I believe he is a member of APC. So Peter obi is the only problem he has

4 Likes 1 Share

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Trustyourself: 8:38pm On May 05

nairalanda1:

By August 2022, debt servicing was eating 90% of our revenue. Tinubus partial removal of subsidy reduced that to 63% . It's probably gone up again.

Plus we had a drop in oil prices meaning we ended up borrowing to survive for 7 years or more while paying subsides. Result...debt eating 90% of our revenue.

The most devilish thing govt officials could ever do is to borrow money and loot the same money and turn to the citizens and tell them to pray for the same leaders and the nation

I wish that apc lost in 2023, but when 3 candidates are saying that subsidy would go, something's up.

Anyway , we need to do what the big nations do. Pity I don't see tinubu doing it.

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by maasoap(m): 8:38pm On May 05

nairalanda1:

By August 2022, debt servicing was eating 90% of our revenue. Tinubus partial removal of subsidy reduced that to 63% . It's probably gone up again.

Plus we had a drop in oil prices meaning we ended up borrowing to survive for 7 years or more while paying subsides. Result...debt eating 90% of our revenue.

I wish that apc lost in 2023, but when 3 candidates are saying that subsidy would go, something's up.

Anyway , we need to do what the big nations do. Pity I don't see tinubu doing it.

Jargoons. Economy was by far better when debt servicing was eating up that 90% you mentioned than under this Tinubu that debt servicing is eating up 63% or more.
As reported by the CBN this week, our economy has been contracting for past eight months straight due to this Tinubu's wicked economic policies that are targeting the masses

4 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Trustyourself: 8:39pm On May 05

nairalanda1:

By August 2022, debt servicing was eating 90% of our revenue. Tinubus partial removal of subsidy reduced that to 63% . It's probably gone up again.

Plus we had a drop in oil prices meaning we ended up borrowing to survive for 7 years or more while paying subsides. Result...debt eating 90% of our reve

I wish that apc lost in 2023, but when 3 candidates are saying that subsidy would go, something's up.

Anyway , we need to do what the big nations do. Pity I don't see tinubu doing it.

The most devilish thing govt officials could ever do is to borrow money and loot the same money and turn to the citizens and tell them to pray for the same leaders and the nation

2 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by airsaylongcome: 8:39pm On May 05

Dubetex96:

Crypto currency

It is hilarious reading this. That Crypto is the cause of the weak Naira. When a simple knowledge of economics clearly states otherwise. We are not earning FX as much as we are spending. Fix our production side (whether that's raw crude or finished goods from other manufacturing sector) and dollar scarcity would be history. Crypto has no statistically relevant impact on the availability of USD in this country

1 Like

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by jayce232: 8:40pm On May 05

LandMann:
If someone told me that Buhari's government would be better than anybody's government after him in this country I would never believe it.

Honestly
I never for once imagined it

2 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by maasoap(m): 8:40pm On May 05

bigiyaro:
Crypto P2P traders want to kill us in this country. But how are they still manupulating the naira? I thought they have been banned left right and center.

These criminals are relentless. All of them want to become overnight millionaires, they want to be making millions of naira daily simply by manipulating naira

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by BigYash: 8:40pm On May 05

Naira is dancing up and down around USD.. Tinubu is working it out in Saudi grin

.. The thing go soon reach $1=#1 cheesy

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Coolboy009: 8:42pm On May 05

nairalanda1:
Strong currency nations are nations that export manufactured goods and services, and allow the free market to operate

don't mind the yeye government, they will start blaming cryptocurrency up and dawn and fail to tackle the real cause.

2 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by FOOTSOLDIER2(f): 8:42pm On May 05

helinues:
Toh

attention seeker

2 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by IAmHim1: 8:43pm On May 05

This current Nigeria government have not read my post cry

https://www.nairaland.com/8081414/nigerias-inflation-state-federal-governments

The One key that unlocks IT all.

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Bluntemperor: 8:43pm On May 05

Caramia2020:
Dollar dollar everyday made me remember the movie called one dollar.

There some Wicked People - including leaders in all the Political arena and some banks- used to bad things - Corruption, don't want it comes down.
Of course,the Patronisers of Cryptocurrency,the Governors- with huge Money in their treasury,the Executive and Legislatures - Producing Nothing!
They are being used and dancing to Foreign Powers,who wants it to go up!
They know what they are doing- just to destroy Nigeria.
Until these Unpatriotic elements are arrested and made a Scrape goat - nothing works on this Nairaland revaluation!
They are intentionally doing it!

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by BigYash: 8:43pm On May 05

bigiyaro:
Crypto P2P traders want to kill us in this country. But how are they still manupulating the naira? I thought they have been banned left right and center.

Cryto ke? What happened to CBN Governor ? U leave who you go blame dey blame children.. Una go must learn lesson for this renewed hopelessness

1 Like

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by tenpipsperday: 8:44pm On May 05

LibertyRep:
What or who's to blame this time around?

Sighs.

Before tomorrow one fool will tell you it's the fault of Peter Obi

3 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Lawalemi(m): 8:46pm On May 05

You supported Buhari, be failed. You supported Tinubu, he's failing. That should tell you something

2 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by jayce232: 8:46pm On May 05

Emmizay12:
Where are these crypto guys, FG please strangulate them harder, Naira must appreciate

Tell your govt to fix power supply, security etc so Nigeria can boost production capacity. Other nations have cryptto, why is their currency not falling? You guys are trying to take the short cut by blaming everything except yourself, when it backfire, naira is heading straight to 10k per dollar. The only way to strengthen a nation currency is by production, there is no other way to it. A nation that is not productive can never have a strong currency

4 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by airsaylongcome: 8:47pm On May 05

maasoap:

Free market my ass, no nation leaves the fate of her currency at the mercy of saboteursm in the name of free market.
Millions of Nigerian youth are pure currency speculators who are manipulating naira days and nights

What's the total volume of of Crypto transactions by these "Nigerian youths"? Does it come anywhere near what financial institutions and our politicians do in terms of FX transactions?

4 Likes 1 Share

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by bigiyaro(m): 8:49pm On May 05

maasoap:

These criminals are relentless. All of them want to become overnight millionaires, they want to be making millions of naira daily simply by manipulating naira

abeg shift, am just being sarcastic, dullness, inefficiency and lack of common sence on the part of the nigerian govt, is responsible for this whole rubbish, 90% of crypto exchanges no longer have naira on thier P2P, APC fuulls always looking for who to blame for thier failures.

3 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Madups(m): 8:54pm On May 05

LibertyRep:
What or who's to blame this time around?

Sighs.

Peter Obi and obidients.

2 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by jayce232: 8:56pm On May 05

maasoap:

Free market my ass, no nation leaves the fate of her currency at the mercy of saboteursm in the name of free market.
Millions of Nigerian youth are pure currency speculators who are manipulating naira days and nights

See the nonsense u are writing
Is naira not fiat currency??
Who trades fiat currency in cryptto?? You people are senseless! After the binance saga, shame still allow una come out? Thought u guys said it was binance? Keep chasing shadows, companies are leaving to neighbouring countries in droves due to unstable electricity & high cost of production. Shameless things

5 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by maasoap(m): 8:57pm On May 05

bigiyaro:
abeg shift, am just being sarcastic, dullness, inefficiency and lack of common sence on the part of the nigerian govt, is responsible for this whole rubbish, 90% of crypto exchanges no longer have naira on thier P2P, APC fuulls always looking for who to blame for thier failures.

Nigerians!! Keep messing up your own economy and keep shouting at your government. Soon, you all will understand that not the government but we the citizens are at the receiving end of this economic sabotage.

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Teenaira: 8:59pm On May 05

Racoon:
Consumption without production is not making the naira to naira to do any magic. The dollar will continue to have the upper hand.

Those using the scarce foreign currency to import rubbish should stop destroying Nigerian economy. Those organisation operating in Nigeria charging dollars for goods and services should stop. Politicians converting our money to foreign currencies should stop.

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by tnerro1(m): 9:00pm On May 05

All I know say the dollar must go up during election time, so am keeping mine close

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by imoh4king(m): 9:06pm On May 05

Donaldoni:
This is news is not accurate

I just checked BYBIT. It's NGN1,388

NAFEX now controls the rate at the parallel market. As at Friday, the rate was NGN1,400 at NAFEX and the parallel market was NGN1,290.

Today, they have converged.

Well,you are right but not totally.

The dollar is reacting base on the US Non Farmpay roll news release that came out on Friday. The market responses to such powerful
economic data for close to 96hrs, thereby creating a new trend likely bullish for the US Dollar.
We will likely see the naira's reaction to the impact thru out this week.

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Neoteny(m): 9:06pm On May 05

nairalanda1:
Strong currency nations are nations that export manufactured goods and services, and allow the free market to operate

No country allows the free market to operate, not when they've regulations and tariffs to protect their local producers. It's all a facade.

The Idea of a capitalist utopia is one of the greatest hoaxes ever pulled on man.

2 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by onatisi(m): 9:06pm On May 05

Lolz , Tinubu just succeed in giving cheap dollars to his cronies and we'll wishers . He knew they couldn't sustain the market by pumping out the nation dollars into the system , now that politicians and elites have bought cheap govt dollars at 1070 , they can just sit back and sell at 400 naira extra or as it is going at over 500 naira . THE. SAME TJING THEY CLAIM THEY ARE Fighting IS THE SAME Thing THEY ARE DOING AND EVEN CREATING ANOTHER NEW SET OF SPECULATOR. WE SAID IT RIGHT FROM THE Beginning THAT Politicians AND LUTES ARE BUYING UP ALL THE CHEAP DOLLARS

3 Likes

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by Villa12(m): 9:08pm On May 05

helinues:

Kindly go to court

Mr ex NPOWER beneficiary, your shame dey shame me

1 Like

Re: FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours by CrossRhodes: 9:11pm On May 05

helinues:
Toh

onye ógbū

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