Nigeria Economy: Naira Hits Record Low as Dollar Liquidity Plunges
Nigeria Economy: Naira Hits Record Low as Dollar Liquidity Plunges
Nigeria’s naira fell the most in about two weeks to a record low of 1,670.65 to the dollar on Monday. The weakness followed a 72% plunge in dollar liquidity to $81 million – its lowest level in more than a month. Bloomberg’s Ondiro Oganga breaks down the situation.
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They claim to be Giants of Africa 😂😂😂😂 yet have the worst currency in Africa 😂😂😂😂
Few months ago, I think it was between March & May, they government borrowed and imported a large amount of dollars to boost more circulation of the currency and counter scarcity, which they believe to be the cause of this very problem and i said that the physical dollars imported as cash will be shared and pocketed by the leaders of Nigeria who are in control, and this was exactly what happened now and it's setting up the country in a worse situation.
But nigerians always tell us they are the smartest africans and they are the giants of africa, good businessmen this is confusing.
blakc people so stupidd 🤡🤡🤡🤡
Zimbabwe
Nigerians are learning the hard way; just forget it, the country is done and dusted. NGMI .. the person in charge has been in politics for more than 30 years as no soul left
naira record low please tell us something we dont know
when beasts rule a country 👺👺👺👺👺👺👺👺👺👺
When dealers become leaders this is the result
God help us. Youths wouldn't even be able to achieve want we want in life
The problem is our leaders .
Very soon naira won’t have any value at all , someone would be buying bread for 5k 😂
that is what you get from someone who forfeited $460k as proceeds from pushin P' and submitted docs that was not from the issuing body as head of the most populous black nation on earth
Don't trust western news. It's all about saving the dollars
This is the biggest problem I have with the Nigerian currency. As a Nigerian I am not happy with the way the Naira is pegged against the dollar. When there is problem with the dollar it affects the Nigerian economy in a very bad way.
They will continue until the naira finally vanished out of depreciation.
Naira is for the poor mass of Nigeria the civil servants, executive and legislatures holds only USD in cash or investment portfolios.
The IMF comes across as a tool of the $, designed to cripple emerging economies and ensure they never thrive.
Our government is useless and they don't know what they're doing.
Our leaders are useless!! Bring the eco currency!!!!
Oganga is overly negative. And she said a few things that were not 100% true. There are several paths to revenue increases in Nigeria: there are ongoing tax reforms being debated heavily and there is an increasing push about increasing oil production
Nigerians, remember the real problem is not the floating of the naira. The real problem is that we import everything even though we can produce them. If we were not importing so much, we wouldn’t care about the naira floating or not.
Theyre in the same road as Ethiopia
When a govt comes on board with no clear plan, this is what happens.
Greed and stupidity
Yeah that why we are joining brics+
Great analysis, "they might". But knowing how corrupt & maleficent the President & his cronies m guessing they'll pass another supplementary budget (monetary profligacy) to fund their ostentatious lifestyles @ the expense of workers.
Its heading to where it needs to be – that's close to rock bottom.
Join BRICS
This is the result of blindly following IMF prescription and reforms, devaluation of Naira, removal of subsidy, and floating naira, a President that feel more at home in France than in Nigeria