NewStats: 3,263,272 , 8,179,624 topics. Date: Thursday, 05 June 2025 at 10:48 AM 2p5pg

The exchange rate between the Nigerian naira and the US dollar reached an unprecedented low of N999/$1 on NAFEM, while unofficial P2P trading reflected a rate of N1,152/$1, marking a concerning decline in the currency’s value.

In a significant development, Nigeria witnessed an unprecedented drop in its currency value, as the exchange rate between the naira and the US dollar hit an all-time low of N999/$1 during trading on October 19, 2023. This alarming situation was reported based on intraday trading data from the FMDQ, where forex is officially traded through the Nigerian Autonomous Foreign Exchange Market (NAFEM).

It is worth noting that this N999/$1 rate is an intraday high, and market analysts predict that it may close at an even lower rate when the market concludes its trading activities for the day.

In addition to the official forex market, a worrying trend is also evident in unofficial trading. In early afternoon trading on the black market known as P2P, where forex is exchanged informally and often involves cryptocurrencies, the exchange rate surged to N1,152/$1. This sharp increase underscores the ongoing and steady depreciation of the naira.

This concerning financial development is a continuation of a trend that has been affecting Nigeria. Just a day prior, the naira had already depreciated to N1,100 to the US dollar on the parallel market, while the official market rate stood at N790 per dollar. The steady decline in the value of the naira against the US dollar poses significant economic challenges for Nigeria and its citizens.

This situation is developing, and further updates will be provided as more information becomes available.

Source: Independent

BANKERS ARE THE TRADERS IN THAT MARKET.

BANKERS ARE THE TRADERS IN THAT MARKET. I MEAN BANKERS ARE THE BLACK MARKETERS IN THAT MARKET.

Chai

"Tinubu will handle the economy, Shetima will handle security " what went wrong pls. I guess I am missing something.

Reno has something to say:

Jesu...

So, someone actually in 2014 advised me to buy dollars and store... that if Buhari win dollar will double...

I didn't want to take that risk, Buhari that was promising us 1N/$, then in GEJ era it was 180-190/$ that's about N18k/100$

The guy took loan, buy more than 5,000 dollars and store in his ...

Last time I heard from the guy, he was on his way out of the country.

If you have money, buy dollar and store, in 2years, dollar will reach N3,000/$

Tinubu said he will continue from where Buhari stopped from.... I am not surprised though..

Una never see anything yet. The good news is that it touches everyone.

Excuses all over the media. Spit

Good for bitcoin



I just pray make Luno no swallow my coins because Omo even if it happens wetin I wan do



Before December I pray dollar get to 2k



Since we wanted a working government una say no



Any which way it will favor me oo


Thanks for bringing Tinubu the dullard

Corn market nko?

Dear Mr. President - It's not too late to reverse the experiment you are doing with this naira before it gets to 2000 per dollar.

Nawa

MasterJayJay:
All Tinubu ers are having a meeting inside septic tank right now. So they won't see this thread.

Jagaban 1 of Jagajaga.

Emilokan of cluelessness raise to power 1 million


Truly, Tinubu is working...... to annihilate Nigeria.

Lol



You can’t see them in this kind of thread



If you wan see them mention Peter Obi they’ll fly like bats they’re

Everyone will explain tire o because me self don't understand again.

... this is low，we await lower and lowest

#YorubaRonu Anthem below:

On your mandate we shall stand!
On your mandate we shall stand!
On your mandate!
Bola on your mandate!
Bola on your mandate we shall stand!

Bola mbok make it 2k before December.
Fuel 1300 by December
Lng 1800 by December
Rice 80k by December
Agbado 1 for N500

Hunger and starvation about to wipe out existence of the tribe that will teach Peter Obi Pol 101

Who get that video of people inside plane with smelliy armpit singing "on your mandate, bola on your mandate, bola on your mandate wee shaaa stand"
Abeg give OP make he post am under him post,

Hunger gonna kee pipu Fulani herdsmen, Biko Haram and bandits can go on sabbatical..
Hunger is capable of finishing Nigerians this period

All Tinubu ers are having a meeting inside septic tank right now. So they won't see this thread.

Jagaban 1 of Jagajaga.

Emilokan of cluelessness raise to power 1 million


Truly, Tinubu is working...... to annihilate Nigeria.

Waoooo, able abroad base Nigerians and those that are earning foreign currencies should leverage on the exchange rate to invest in secure landed properties in Nigeria.

High exchange rate is to their advantage.

Wahala

Hh

,,,,normal weekly occurrence

Juanmike:
Corn market nko?

Like play like play.. naira don de turn sh*tcoin, abeg when are we buying the dip?

Bought it at this price just now

No hope of a stop to this decline and subsequent appreciation

🕺🕺🕺🕺

At least I dey make money

Omg