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Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market - Business (6) - Nairaland

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FX Crisis: Naira Depreciates By N130 Against Dollar In 24 Hours / Naira Depreciates By ₦‎81/$ At Foreign Exchange Market / Naira Continues Free Fall On Official Window, Trades N1482.57/$ (2) (3) (4)

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Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by Kukutenla: 10:48am On Dec 02, 2023
tsdarkside:


my point is the elites will always separate from the poor....
this is how the discussion between us started....

i said its a normal thing all over the world....
next is to wall off such areas....
Do you think people do drugs because they are poor? Do you know how many elites do drugs in US?
Doing drugs is not a sign of poverty. Living on the streets is a sign of mental issues most especially when these people can easily get a job and tend for themselves in their society.
Your analogy is false

1 Like

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by tsdarkside(m): 10:49am On Dec 02, 2023
Kukutenla:

Do you think people do drugs because they are poor? Do you know how many elites do drugs in US?
Doing drugs is not a sign of poverty. Living on the streets is a sign of mental issues most especially when these people can easily get a job and tend for themselves in their society.
Your analogy is false

are you sure....??

kiki....you funny....
atleast i can reason with you....

i dont know anybody that started drugs and ended well....
none....

easily get a job....??
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by Kukutenla: 10:57am On Dec 02, 2023
tsdarkside:


are you sure....??

kiki....you funny....
atleast i can reason with you....

i dont know anybody that started drugs and ended well....
none....

easily get a job....??
Oh so you think only poor people do drugs?
Whitney Houston did drugs. Britney Spears too. Majek Fashek. Tina Turner etc. Are they poor?
Doing drugs is not a sign of poverty

You think it's difficult to get a decent job over there like here? Why are our people migrating there

1 Like

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by tsdarkside(m): 10:58am On Dec 02, 2023
Kukutenla:

Oh so you think only poor people do drugs?
Whitney Houston did drugs. Britney Spears too. Majek Fashek. Tina Turner etc. Are they poor?
Doing drugs is not a sign of poverty

You think it's difficult to get a decent job over there like here? Why are our people migrating there

she is dead....screw that....

my point is the elites will always separate from the poor....
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by emorse(m): 10:59am On Dec 02, 2023
nairalanda1:

We should (and in a way we are eg Tax breaks to people like Dangote) but it does not mean we would get cheap fuel.

And fixing the refineries is one thing, keeping them running...that is where subsidy removal comes in...so that they earn enough of a profit to pay for themselves...like every sane business.

You want subsidy, then that is where we pay for it by improving our tax to gdp ratio.

You are looking at someone here who does not support any of the names here, and who would never vote for any one of them. Yes, including Tinubu.

(And thanks for insuinating I am a tinubu supporter. Lord knows I get too much of it here because i don;t follow the nairaland crowd. Some even think I am an Obi supporter self).
Of course, what's the point of fixing the refineries if we won't keep them running?

Regarding your political leaning, my lead sentence was "policies not personalities" so it honestly doesn't bother me who you support. By the way, supporting Tinubu isn't necessarily bad as long as we can do so objectively. Thanks for clarifying anyways and I hope that you're also clear on my position too.
So how else do we raise money? Yeah we should cut costs. But at the end of the day, short term, taxes, long term diversification
These guys have been borrowing and they keep borrowing but only end up looting and relooting. Those monies would not solve all our problems but at least we would have less to worry about.
It's cold reality. This oil we are dragging...it isn't enough unless we were 40 million people.



1.Please, again, you are annoying me by insuinating I back our leader's corrupt overspending.

2.Yes it should stop. But would it improve money available for the masses? No. That;s where we got to ....improve revenue.




SO either we take hard decisions, or just accept our state. We want to be a bigger rich nation, we got to make the sacrifices the rich nations made...or we pretend we are rich, share the money and keep taking loans.
Only our leaders and their cronies benefit from corruption. And those people are not on nairaland debating issues with you and I. But in a conversation such as this, I feel it's necessary that we outline ALL the problems and proffer workable solutions. So I apologise for making you feel attacked. It was never my intention.

Now as regards taking hard decisions, taking loans is not necessarily a bad idea (the US owes China over $800b) but the government must be determined to improve local production of "goods who's prices we can set and control".

I think one thing we clearly both agree on is that we have sh*tty leaders. I just don't believe that we have to suffer more than we already are before things can get better.
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by MT: 11:01am On Dec 02, 2023
ezekins:
I have been saying it in as much as the government of nigeria has irrationally decided to float naira, we can wake up one day to see that official rate had gone to #2000. If they have sense let them stop naira float. This government lack ideas

What will you suggest as an alternative to floating the naira?

Should the Govt still continue to subsidies each dollar from our limited, foreign exchange earning? If they do and there is no money for infrastructure development, will you still blame the Government for it?

Just asking and please, if you have to respond, make it civil.

Thanks.
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by MT: 11:02am On Dec 02, 2023
emorse:

Of course, what's the point of fixing the refineries if we won't keep them running?

Regarding your political leaning, my lead sentence was "policies not personalities" so it honestly doesn't bother me who you support. By the way, supporting Tinubu isn't necessarily bad as long as we can do so objectively. Thanks for clarifying anyways and I hope that you're also clear on my position too.

These guys have been borrowing and they keep borrowing but only end up looting and relooting. Those monies would not solve all our problems but at least we would have less to worry about.

Only our leaders and their cronies benefit from corruption. And those people are not on nairaland debating issues with you and I. But in a conversation such as this, I feel it's necessary that we outline ALL the problems and proffer workable solutions. So I apologise for making you feel attacked. It was never my intention.

Now as regards taking hard decisions, taking loans is not necessarily a bad idea (the US owes China over $800b) but the government must be determined to improve local production of "goods who's prices we can set and control".

I think one thing we clearly both agree on is that we have sh*tty leaders. I just don't believe that we have to suffer more than we already are before things can get better.

I agree with improving local production but you cannot set and control prices in a capitalistic market.

1 Like

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by emorse(m): 11:04am On Dec 02, 2023
MT:


I agree with improving local production but you cannot set and control prices in a capitalistic market.
If you have a competitive edge, you can.

1 Like

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by EdiskyHarry: 11:13am On Dec 02, 2023
TheKing4040:
Death and sorrow to all APC supporters who supported buhari and also brought tinubu upon us. A once great country where enjoyment was the order of the day is now a shadow of itself with depression and suffering on the faces of the masses while the rulers and their families loot and dine in surplus.
Amen, may God punish all those who voted APC in power

1 Like

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by lastkingsman: 11:27am On Dec 02, 2023
BigDawsNet:


Do you know it was easy to rigged because they had the population to made it successful for them...

Even with the billions, power and connection.. the rigging won't manifest if they have low voters supporting them...

I know someday Nigerians supporting this people will wake up and they will do the right thing

Of course they will always have the population because of illiteracy, ethno-religious and trade money packages (money inducement).

Like I said, auto cruise to hell. Nigerians will never wake up rather they will find a necessary punch bag to blame for their problems
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by Kukutenla: 11:29am On Dec 02, 2023
tsdarkside:


she is dead....screw that....

my point is the elites will always separate from the poor....
Well, you didn't make that point well
The truth is elites are separate from the poor and its not dependent on society. It's a social thing.
My point though is that the gap between both in countries differ
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by BluelightHotel: 11:32am On Dec 02, 2023
This’s one of their other means of stealing African resources,they give you one dollar and take over one thousand of your money.

African leaders needs to wise up.
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by Smartguyboy(m): 11:38am On Dec 02, 2023
Tsolutionifede:
shut up lie lie Igbo boy, whatever that is happening, Peter obi will be worst off

But he will be better than any Nigeria president in history and future.

He lost the election fine but can you for once be honest to yourself and stop the lies and hatred. Any reasonable Yoruba man or woman know his the best chance Nigeria have that why he won in Lagos your God Tinubu backyard .
What did that make of it ?
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by TinubuThief: 11:40am On Dec 02, 2023
accordadoga29:


Heheheh

Don’t mind okor0s.

Let $1 be N20,000 we are still going to support Ashiwaju.

If Obi was the president and $1 was N3,000, they would still support him.

Obi was a disaster in Anambra as a governor but they still supported him
Senseless evening newspaper without functioning brain. You reason through that your gutter, rotten , infested and smelly pusy. Na hunger, depression and holosho go finally quench your blocked brain since you reason through the prism of tribalism. Your Emilokan criminal is a thief and doesn't have anything upstairs

1 Like

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by Kukutenla: 11:43am On Dec 02, 2023
MT:


What will you suggest as an alternative to floating the naira?

Should the Govt still continue to subsidies each dollar from our limited, foreign exchange earning? If they do and there is no money for infrastructure development, will you still blame the Government for it?

Just asking and please, if you have to respond, make it civil.

Thanks.
This is the problem with you APC supporters.

You have become extremists when it comes to public policies in a bid to protect your principals from public criticism.

The irony of it is that a few months ago, you guys were defending Buhari's policy of defending the naira. Buhari changes to Tinubu and suddenly floating the naira is the best option. You guys lack principles.

Let me tell you simple and straight. No nation exists that does not manipulate its currency to suit its economy.

It's a fallacy to claim floating your currency is a one size fits all just as its a fallacy to claim defending it is the best. It's more a question of what we intend to achieve.

Tinubu floated the naira to achieve exchange rate convergence thinking it will strengthen the naira. Was he able to achieve that? Obviously No!!

Cardoso has done something I give him credit for on assuming office. He's been trying to collapse the parallel market by bringing everyone into the open market.

That's why he removed the prohibition list. Though that has dropped the naira value further but at least he has an idea what he's doing.

I wonder where he was when his principal floated the naira without any buffer to how the demand pull will react.

For me Cardoso's next big task is how to stabilise forex demand and supply. If that involves defending the naira, no qualms.

It's the result that justifies the means. You guys need to learn to study trends instead of just jumping to defend what you don't even understand.

1 Like 1 Share

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by GUNITGuy: 11:46am On Dec 02, 2023
fnep2smooth:
I'm not praying for my beloved country to fall but since we never decided to choose the right people to make drastic decisions for the good of the country, let it fall yakata.

As a Google boy, Google credit me with block last month, something I use to see like 40k as of early this year. Omo I see 90k+ area scatter.


Abeg make nobody DM me, tribalism comments for there don make me dey mean.

😣😣
How do they make this internet money
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by Truvelisback(m): 11:54am On Dec 02, 2023
BigDawsNet:
Cost of living get higher daily..

Nigerians needs to come together and voye in the right person... all tribalism won't solve anything
Sadly, Nigeria's problem will continue to get worse until the military take over. Democracy has failed us and the youths are barred from politics. The Nigeria Military needs to take over. Sadly, they are still sleeping.
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by lastkingsman: 12:03pm On Dec 02, 2023
tsdarkside:


nothing was rigged....
many people dont like obi....

when you want to talk about riggin,it was actualy south east that massively rigged....

Just read the link below and stop spewing garbage

https://www.google.com/amp/s/www.thisdaylive.com/index.php/2023/05/17/bbc-investigations-like-premium-times-show-obi-not-tinubu-won-in-rivers-contrary-to-wikes-loud-claims%3famp=1



Some of you are daft. Is it only Obi that contested in that election?

How about Atiku?

Obi is not your problem. Go and fix your compromised INEC and state apparatus as if only presidential election happens in Nigeria.
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by linearity: 12:04pm On Dec 02, 2023
ezekins:
I have been saying it in as much as the government of nigeria has irrationally decided to float naira, we can wake up one day to see that official rate had gone to #2000. If they have sense let them stop naira float. This government lack ideas

Floating Naira is a good idea.

The FG ran out of forex to use to defend Naira. It is foolishness to use scare forex just to defend a phantom exchange rate.

The FG failure is not focusing on aspects that would encourage exportation and discourage importation.

The FG & State Governments are culprit here, e.g. though we don’t have money for it, but since they decided to spend it, the money they just used to purchase foreign vehicles few weeks ago, had they instead used it to purchase locally made SUVs our forex outlook would have been better, that would have been one importation off the table.

1 Like

Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by horgarzer(m): 1:11pm On Dec 02, 2023
WiszyFraud:
Did you know??



Men,

Just a reminder:

Money attracts broken, damaged and lazy women.
What do you mean by frame?

Your FRAME attracts high-value women.



👍
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by sylve11: 2:12pm On Dec 02, 2023
WiszyFraud:
Did you know??



Men,

Just a reminder:

Money attracts broken, damaged and lazy women.

Your FRAME attracts high-value women.



👍

Nice! cool
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by ufuosman(m): 2:40pm On Dec 02, 2023
Naija no be joke
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by BigDawsNet: 2:54pm On Dec 02, 2023
Truvelisback:
Sadly, Nigeria's problem will continue to get worse until the military take over. Democracy has failed us and the youths are barred from politics. The Nigeria Military needs to take over. Sadly, they are still sleeping.

They are not sleeping... they are just very lazy to take up that responsibility...
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by Alliswell248: 3:03pm On Dec 02, 2023
DKM123:


LMAO! See this sufferhead that cannot even find transport to go for his elebuke work talking about owning a car.
An olodo man who writes like a child and sleeps on Nairaland defending bad governance is definitely a poverty stricken n!ncoompoop who has sold his m!serable soul for bread crumbs.

Ewu Gambia! Be@st of no value! Nkpi!

Baby factory child.....hacking gala in the sun in Lagos.
Not everybody is poor like you.....I can show you my LinkedIn profile.

Don't drink snip£r.....
I'm enjoying this government.....
I can employ you as my car washer.
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by Tito24: 3:27pm On Dec 02, 2023
accordadoga29:


Heheheh

Don’t mind okor0s.

Let $1 be N20,000 we are still going to support Ashiwaju.

If Obi was the president and $1 was N3,000, they would still support him.

Obi was a disaster in Anambra as a governor but they still supported him
that's what I always say to my colleagues at the office who are always criticizing Ashiwaju

Even if naira become 10k today
I still stand gidigba!

They'll do the same if that failure called Obi had won

What did he do in Anambra to make him fit to be president

Tufiakwa!
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by DKM123: 3:33pm On Dec 02, 2023
Alliswell248:


Baby factory child.....hacking gala in the sun in Lagos.
Not everybody is poor like you.....I can show you my LinkedIn profile.

Don't drink snip£r.....
I'm enjoying this government.....
I can employ you as my car washer.





LMAO! See this basterd Alliswell248 who doesn't have anything going on well in his m!serable life other than svcking Tinubu's balls and opening multiple accounts on Nairaland calling another jobless. Buahahaha!

Mr d@ft Alliswell248, I will help your life this afternoon since you obviously went to Otakara Grammar School and cannot help yourself. Next time start "this" with a capital letter! Olodo!

Bissssh! So you think the 30k that thieeefnubu pays you every month makes you have a job. You are a pOverty stricken phool!

I will continue to scream out about the hardship Nigerians are facing cos it's a good cause, unlike you that your cause is to ensure that you worship the feet of a fellow man like you who is further impoverishing the people. I sp!t on you!

Ogun kee you and kee everyone involved in procreating a b0rnthroway like you. Natter!ng n!twit!
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by MT: 3:52pm On Dec 02, 2023
Kukutenla:

This is the problem with you APC supporters.

You have become extremists when it comes to public policies in a bid to protect your principals from public criticism.

The irony of it is that a few months ago, you guys were defending Buhari's policy of defending the naira. Buhari changes to Tinubu and suddenly floating the naira is the best option. You guys lack principles.

Let me tell you simple and straight. No nation exists that does not manipulate its currency to suit its economy.

It's a fallacy to claim floating your currency is a one size fits all just as its a fallacy to claim defending it is the best. It's more a question of what we intend to achieve.

Tinubu floated the naira to achieve exchange rate convergence thinking it will strengthen the naira. Was he able to achieve that? Obviously No!!

Cardoso has done something I give him credit for on assuming office. He's been trying to collapse the parallel market by bringing everyone into the open market.

That's why he removed the prohibition list. Though that has dropped the naira value further but at least he has an idea what he's doing.

I wonder where he was when his principal floated the naira without any buffer to how the demand pull will react.

For me Cardoso's next big task is how to stabilise forex demand and supply. If that involves defending the naira, no qualms.

It's the result that justifies the means. You guys need to learn to study trends instead of just jumping to defend what you don't even understand.

It is so disappointing that despite advising you to be civil, you still went on rampage.

Sometimes those of you that CLAIM economics turn it upside down.

What will be the benefits to Nigeria if they manipulate the currency ?. China devalues her currency to stimulate export. What is Nigeria producing that will make it to devalue its currency, and dont you think devaluation will send the currency on a downward spiral more?

You said the President floated the naira without the "BUFFER"? What exactly did you refer to as Buffer in this instance ?

Tinubu did not float the naira to strengthen the naira, but to save the subsidy that was needlessy going into defending the naira, so that such could be put into good use to build infrastructure. Law of demand and supply determines the value of naira, this will naturally happen when Nigeria starts producing more, and stop chasing dollars for everything.

Sometimes when you come to the open forum, open your mind. Do not needlessly start attacking policies. It is easy to be an arm chair critic, but what will you do different if you are given the opportunity to pilot the affairs of this nation. With your submission, Nigeria will simply implode under your watch.
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by Blackdisciple(m): 5:34pm On Dec 02, 2023
Ohh I thought it's 1500/$ already cos I was like it should be 2000/$ by January 2024
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by wink2015(m): 6:51pm On Dec 02, 2023
Nigeria political leaders start investing in Agriculture.

We can not continue this way.
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by Truvelisback(m): 7:18pm On Dec 02, 2023
BigDawsNet:


They are not sleeping... they are just very lazy to take up that responsibility...
It's the Generals that are capable of doing that.The lower rank officers(okorofo) can't. grin Even though they are suffering the effect more than their Generals. Na them i pity pass. The Generals are earning well so they care a less. grin
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by anjum2dawood: 7:55pm On Dec 02, 2023
Did you know?? Men,Just a reminder:Money attracts broken, damaged and lazy women.Your FRAME attracts high-value women. 👍Did you know?? Men,Just a reminder:Money attracts broken, damaged and lazy women.Your FRAME attracts high-value women. 👍...
Re: Naira Continues Free Fall, Depreciates By 11% To N927.19/$ At Official Market by Kpboy1: 9:54pm On Dec 02, 2023
SouthEastFacts:
And Tinubu pegged the dollar in his budget to $750?

Each day reveals what the best of Yoruba brains are capable of.

🤣🤣🤣

Is it about the progress of Projecg Nigeria or about being Yoruba or Igbo?? shocked cry this mindset needs to stop completely.

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