Naira Continues To Depreciates, Now At N1,410 Per Dollar On The Black Market

Date: 26-01-2024 9:48 am (2 months ago) | Author: onuigbo felicia
- at 26-01-2024 09:48 AM (2 months ago)
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The Nigerian Naira has experienced an unprecedented depreciation, reaching a record low of N1,410 per dollar on the black market. This marks a 3.29% or N45.00 drop from the previous day’s closing rate of N1,365.

Experts say the sharp decline reflects the severity of the current economic challenges faced by the country.

Market analysts attribute the significant depreciation to a surge in demand for dollars observed since the beginning of January.

Key contributors to this heightened demand include businesses actively restocking goods, individuals funding overseas studies, and the departure of diaspora Nigerians following the holiday season.

Businesses seeking to replenish stock and acquire raw materials have driven a substantial portion of the increased demand for foreign exchange. Additionally, individuals pursuing education abroad and Nigerians returning to their foreign bases have contributed to the surge in demand.

The departure of diaspora Nigerians, particularly after the holiday season, has also played a role in the increased demand for foreign currency.

With schools abroad reopening, international students are actively restocking their foreign currency reserves to cover impending school fees and related expenses. Students are also securing funds for holiday allowances, contributing to the heightened demand.

The observed depreciation stands as the lowest point in the historical performance of the Naira against the US dollar, raising concerns about potential economic repercussions.

Posted: at 26-01-2024 09:48 AM (2 months ago) | Addicted Hero
- gogoman at 26-01-2024 10:37 AM (2 months ago)
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now i'm a billionaire for the first time in my life lol Grin Grin Grin
Posted: at 26-01-2024 10:37 AM (2 months ago) | Grande Master
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- fineboy77 at 26-01-2024 10:45 AM (2 months ago)
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The master strategist at work lol

Posted: at 26-01-2024 10:45 AM (2 months ago) | Addicted Hero
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- kp45 at 26-01-2024 12:43 PM (2 months ago)
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To enable Nigeria criminals rule the price must be higher, don't be surprise.
Posted: at 26-01-2024 12:43 PM (2 months ago) | Addicted Hero
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- Liebesmith at 26-01-2024 09:03 PM (2 months ago)
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From top to bottom country,,scheisse land
Posted: at 26-01-2024 09:03 PM (2 months ago) | Upcoming
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- nikiniki at 26-01-2024 09:13 PM (2 months ago)
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Useless country....imagine the reasons stated! Dollar in the US should have become nothing because the citizens travel the world and also live elsewhere. Always giving dumb reasons for their ineptitudes and failures! What a shame. While someone high up there during buhari era said nobody can feed with 1dollar in the US but in Nigeria, you will feed like king and now, 1 dollar will even feed a household since it is now 1400 naira! Useless people with short insight and zero economy sense. Baboons. Ask how many Nigerians can buy even a tokunbo cars now! You buy a car for $10,000 in the US and clear it for almost the same amount in Nigeria, isn't that super crazy?Huh? And everyone thinks everything is alright?
Posted: at 26-01-2024 09:13 PM (2 months ago) | Gistmaniac
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- Lirical at 27-01-2024 09:05 AM (2 months ago)
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What a Country. Terrible indeed. Which is why Japa will increase. Mass exodus exiting even as of now.
Posted: at 27-01-2024 09:05 AM (2 months ago) | Newbie
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