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Nairaland Forum / Nairaland / General / Business / Naira depreciates, posts £1/N2050 at black market (13782 Views)
$1 Back To ₦690 At Black Market / Naira Depreciates To ₦410 Per Dollar As Local Currency Weakens / Dangote Cement & 10 Others Push Equity Market Upwards, Posts 1.57% Gain (2) (3) (4)
Naira depreciates, posts £1/N2050 at black market by Man102: 1:03pm On Mar 05 |
The parallel market exchange rate has experienced a substantial decline, reaching a low point of N2050 per Great Britain Pound (GBP), reflecting persistent demand pressures that have contributed to the erosion of the currency’s value. https://nairametrics.com/2024/03/05/breaking-naira-depreciates-by-7-32-to-n2050-against-great-british-pound-at-the-black-market/ 3 Likes 2 Shares
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Re: Naira depreciates, posts £1/N2050 at black market by Amotolongbo(f): 1:04pm On Mar 05 |
The exchange rate has experienced a substantial decline, with the Naira weakening to N2050 per Great Britain Pound (GBP).N2050 is not a record low. There was a time it was more than 2,300naira for a pound 32 Likes 1 Share
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Re: Naira depreciates, posts £1/N2050 at black market by Dreamhighnow(m): 2:37pm On Mar 05 |
After fighting binance. The brainless FG will soon blame the air we breath for their failure. Se na only naija dey use binance. Why is their currency not crashing 1.Reduce inflation 2.Fix the economy 3.Bring back good security to the country 4. Reduce inconsistency in government policies 5. Genuinely fight corruption ( I forget say the head himself is corruption personified. Spit) 6. Stop printing naira indiscriminately 7. Genuinely support local producers 8. Genuinely finance and monitor farmers 9. Roads and power should be a priority 10. OPEN BORDER for food to enter for a short time succour. People are hungry. But I know they really want the people to be hungry so that during election time they can give out 500 naira to buy vote These among many 81 Likes 4 Shares |
Re: Naira depreciates, posts £1/N2050 at black market by Nbote(m): 3:01pm On Mar 05 |
Ok |
Re: Naira depreciates, posts £1/N2050 at black market by TrennixGLOBAL: 3:20pm On Mar 05 |
I have said it countless times and even now. Buy as much dollars as you can now, buy the dip on naira cos 2000/$ approaching. https://www.nairaland.com/8018607/buy-dip-naira-now-1800 What do you expect from a clueless government going around in circles confusing ignorant Nigerians (not me) and leaving the main problem untouched? Regardless, forget Binance and lets help you convert your crypto funds to any foreign currency you need. https://www.nairaland.com/8015684/withdraw-crypto-coins-skrill-funds-naira 13 Likes |
Re: Naira depreciates, posts £1/N2050 at black market by Mrchippychappy(m): 3:49pm On Mar 05 |
Watapun? I thought they said it recovered? |
Re: Naira depreciates, posts £1/N2050 at black market by wunmi590(m): 3:49pm On Mar 05 |
All these 1-2 days off of epileptic fall and rise is not the way forward, we know very soon the naira will so fall to the extent that the pound, will be 5k as against naira, so the federal government should start doing things right... 1 Like 1 Share |
Re: Naira depreciates, posts £1/N2050 at black market by Righthussle: 3:50pm On Mar 05 |
Let's blame Binance 18 Likes 1 Share |
Re: Naira depreciates, posts £1/N2050 at black market by Dshocker(m): 3:50pm On Mar 05 |
Binanace delisting the NGN from its platform will only strengthen the NGN temporary. 8 Likes |
Re: Naira depreciates, posts £1/N2050 at black market by TheBillyboy: 3:50pm On Mar 05 |
Amotolongbo: I didn't see where the paragraph you quoted stated it was "a record low" 2 Likes |
Re: Naira depreciates, posts £1/N2050 at black market by Helpfromabove1(m): 3:50pm On Mar 05 |
Abeg no confuse person Dollar is diff from pounds Some are already mixing it up and you know alm these markets women they will start increasing prices thinks it dollars 6 Likes |
Re: Naira depreciates, posts £1/N2050 at black market by Bluearrow: 3:50pm On Mar 05 |
Hmm These people will soon blame YouTube & Facebook for naira fall 21 Likes 3 Shares |
Re: Naira depreciates, posts £1/N2050 at black market by Pickmycall: 3:51pm On Mar 05 |
Na CBN and banks dey cause inflation. 1 Like |
Re: Naira depreciates, posts £1/N2050 at black market by GanagiBitrus: 3:51pm On Mar 05 |
When will prices of goods and services start coming down & become more affordable? That's what matters most to the average Nigerian. 1 Like |
Re: Naira depreciates, posts £1/N2050 at black market by Manager001: 3:51pm On Mar 05 |
They said Binance is their problem 22 Likes 1 Share |
Re: Naira depreciates, posts £1/N2050 at black market by omoredia: 3:51pm On Mar 05 |
Tinubu hehe. U are a joker and a mediocre |
Re: Naira depreciates, posts £1/N2050 at black market by sukkot: 3:52pm On Mar 05 |
pand stahlin I need one of y’all British niggas to send me some stahlin 👀 |
Re: Naira depreciates, posts £1/N2050 at black market by obaidan: 3:52pm On Mar 05 |
Amotolongbo:so should we celebrate because it has not hit the record low? |
Re: Naira depreciates, posts £1/N2050 at black market by Babysho(m): 3:52pm On Mar 05 |
Dreamhighnow: Someone said the govt is arresting people in the system instead of arresting the system. 6 Likes 1 Share |
Re: Naira depreciates, posts £1/N2050 at black market by omoredia: 3:52pm On Mar 05 |
When the head is bad u can never get anything right. It's as simple as that 1 Like |
Re: Naira depreciates, posts £1/N2050 at black market by thesicilian: 3:52pm On Mar 05 |
Why's there still black market rate if the reason for floating the naira was to prevent black market rates 1 Like |
Re: Naira depreciates, posts £1/N2050 at black market by Babysho(m): 3:52pm On Mar 05 |
GanagiBitrus: It'll go down only when our govt subsidises goods and services or we meet the prices by increasing minimum wage. Nigeria is a CAPITALIST country, prices of things in need can NEVER go down on its own. No Capitalist like Dangote who likes maximum profit will ever reduce price of salt because you're going through rough time lol Knowing Nigerian govt, they'll never do anything. We'd have to either wait for competition or everybody just somehow gets use to working like slaves. 2 Likes |
Re: Naira depreciates, posts £1/N2050 at black market by chyzoo4u(m): 3:52pm On Mar 05 |
I thought Binance p2p got banned because they're the cause of naira depreciation... What's causing now? Maybe Pounds and dollars should be banned from existence so naira will appreciate. 12 Likes 2 Shares
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Re: Naira depreciates, posts £1/N2050 at black market by SwayG: 3:53pm On Mar 05 |
I see a lot of persons Applauding Tinubu Government for the recent naira gain against dollar. It shows we don't understand why Naira will never stop depreciation. Nigeria is a dependent country. Any country that imports 80% of their basic needs will face high level of currency depreciation. This is the case of Nigeria. We import almost everything we use. Gas, Rice, electronics, fish, some food, gadgets, raw materials etc. And we do not export. We don't have a balanced structure here of import against exports. The demand for dollar is high and will continually go higher. A lot of businesses import their goods. They need dollars. A lot of Nigerians now want to study abroad or japa. They need dollars Even Dangote recently announced that he will start importation of crude oil. Demand for more dollars. It's a simple economic problem. When Demand is higher than supply it results to scarcity and inflation. Scarcity results to sporadic inflation. Look around you. 6yrs ago, how many persons do you know who went abroad or japa. Very few or none. But now, within the last 4yrs you probably know a lot of persons who relocated abroad or either schooling there. Can you boldly point out 4 persons who relocated from other countries to Nigeria? Or come school here? Thereby converting their currency to Naira. Stop expecting dollar to depreciate. Whatever they (government) are doing now is a short term solution. The only solution is to fully repair the country by Increase production, manufacture, exportation, reduce demand and most importantly to increase available jobs. 12 Likes 1 Share |
Re: Naira depreciates, posts £1/N2050 at black market by Mindlog: 3:54pm On Mar 05 |
APC should blame Binance as usual. 9 Likes |
Re: Naira depreciates, posts £1/N2050 at black market by sukkot: 3:54pm On Mar 05 |
Xwizard:you go accept payment in bitcoins 👀 1 Like |
Re: Naira depreciates, posts £1/N2050 at black market by ppogba: 3:57pm On Mar 05 |
One thing is clear now. The problem with our economy is the conflict between theory economics and practical economics. Virtually all economists in Nigeria were saying the govt should float the Naira. Consequence comes now and everybody don mechonu 1 Like |
Re: Naira depreciates, posts £1/N2050 at black market by blamingthedevil: 3:57pm On Mar 05 |
Nairaland no dey shame... Una don leave dollars go pounds? 2 Likes |
Re: Naira depreciates, posts £1/N2050 at black market by koyeni(m): 3:58pm On Mar 05 |
Is binance still the problem 2 Likes |
Re: Naira depreciates, posts £1/N2050 at black market by femicyrus(m): 4:00pm On Mar 05 |
Dreamhighnow:Opening the border for food importation is the only magic that can turn things around for the naira. It sounds crazy but which of all the Cambridge economics has impacted positively on the Naira? The stone the builders rejected is the chief corner stone we kept ignoring 4 Likes |
Re: Naira depreciates, posts £1/N2050 at black market by ppogba: 4:00pm On Mar 05 |
Dreamhighnow: Everyone knows these. Easier said than done. Which government doesn't know that it should fix the economy? Is this one not trying to fight inflation? Everyone knows we should support local businesses. Copy and paste theory. 2 Likes 1 Share |
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