NewStats: 3,264,815 , 8,184,784 topics. Date: Thursday, 12 June 2025 at 12:56 PM 551v5c

Dollar sales by Deposit Money Banks and other entities at the Nigeria Autonomous Foreign Exchange Market dropped by $252m to $84.1m on Friday.

This represents a 74 percent drop from the $331.1m transactions recorded at the official Nigeria Autonomous Foreign Exchange Market on Thursday.

Meanwhile, the naira depreciated to N1,537/$ on Friday from N1,498/$ recorded at the close of trading activity on Thursday at the official market.

Analysis of data obtained from FMDQ Security Exchange showed that forex turnover plunged by 74 percent to $84.10m on Friday from $336.11m on Thursday. However, aside from commercial banks, the Central Bank of Nigeria, oil firms and multinationals also sell dollars at NAFEM.

At the parallel market, on Friday, the naira also depreciated to N1,670/$ from N1,600/$ recorded on Thursday amid a demand with a steady demand for the greenback.

Further analysis for the week ending showed that the supply started on a low at $116.11m on Monday; it increased by $292.3m to $381.92m on Tuesday but dropped to $117.87m on Wednesday. On Thursday, the supply increased to $336.11m.

Market experts hinted that the naira depreciation followed a strong demand for dollars by speculators as well as individuals travelling for business, tourism, education and health.

According to currency dealers, the demand for the greenback may not end anytime soon.

The FMDQ report indicated that the banks led others to sell $1.97bn in the first week of the CBN circular which had mandated banks not to exceed a new threshold in their FX prudential guidelines.

In a series of guidelines, the CBN had ordered Deposit Money Banks to sell their excess dollar stock. It also warned lenders against hoarding excess foreign currencies for profit.

On Thursday, the apex bank released another set of guidelines that stopped banks from paying Personal Travel Allowance to their customers.

In a second circular signed by its Director, Trade and Exchange Department, Hassan Mahmud, it also asked International Oil Companies not to repatriate all their revenue to their parent companies at once. The apex banks also, in the third circular, reviewed its guidelines to stop under-invoicing of exports and over-invoicing of imports.

Nevertheless, despite the Central Bank’s efforts to boost forex supply through various policy interventions, challenges persist in the forex market.

The gap between the rates in the official market and the parallel market is once again widening, raising concerns about the potential resurgence of round-tripping activities.

In response to the circular, banking institutions and IMTOs have begun the implementation, carrying out operational adjustments to accommodate the revised remittance framework by issuing notices to their customers.

https://punchng.com/naira-weakens-as-banks-dollar-sales-plunge-by-252m/?amp

“We need his BRAIN not his BODY”

“He has been planning for prezidensi since 20 yaaz”

“He built Lagos with half bag of cement and Tamed the pacific Ocean”

“He has First Class degree in Akantin”


“Jagaban is a Master strategist, Obi is a mere trader”




All these and many more were said by his clownish ers.

See how our Naira and Economy is nose diving... It is safe to call Tinubu an Ineffectual incompetent buffoon.

Tinibu is a disaster

The problem with Nigeria is our president, I could during the regime of jonathan 1.5 million naira was almost all it takes to clear a 16 ft container, buhari came in and it was increased to 6 million naira, today it will cost you between 17 to 18 million naira to clear same size of container if they don't seize it. Now you know why the prices of imported goods are skyrocketing, tasking an importer a whopping 18 million naira to clear his container is like killing Nigerians because the importer will add it to the price of the goods he imported and at the end the consumers are the one paying the 18 million naira you collected from the importer, it's not just the dollar issue that is skyrocketing the prices of imported goods, it's the president alongside the Nigeria custom service who doesn't care if Nigerians are surviving or dieing, I don't have anything against Tinubu but I think his policies shows he doesn't mean well for Nigerians, first he removed the fuel subsidy which was the only benefit common man like me was getting from the government, secondly he floated the naira which is the reason naira is loosing value every second.

Ogiame:
“We need his BRAIN not his BODY”

“He has been planning for prezidensi since 20 yaaz”

“He built Lagos with half bag of cement and Tamed the pacific Ocean”

“He has First Class degree in Akantin”


“Jagaban is a Master strategist, Obi is a mere trader”




All these and many more were said by his clownish ers.

See how our Naira and Economy is nose diving... It is safe to call Tinubu an Ineffectual incompetent buffoon.

If Nigeria remains in Timubus hand till May it may not be a smiling history.

President Tinubu is coming with the solution, he has gotten the solution like Joseph and Daniel that God revealed the solution to in a night vision. They should protest but I will never do such, It will favor them n their family. We de look una.

Informed citizens raised red flags over Tinubu and his directionless economic policies:when he removed fuel subsidy and devalued our currency warnings were issued.
There're no true market forces in Nigeria, market forces in Nigeria is made up of few individuals who wield too much power and influence market dynamics.

Uniformed Tinubu minions were all-over citing economic theories and foreign examples...the recurring failure of Tinubu's policies poses these questions to any rational person: if they are effective, why do they consistently fail?
Why are Nigerians not reaping the benefits of subsidy removal?

Ogiame:
“We need his BRAIN not his BODY”

“He has been planning for prezidensi since 20 yaaz”

“He built Lagos with half bag of cement and Tamed the pacific Ocean”

“He has First Class degree in Akantin”


“Jagaban is a Master strategist, Obi is a mere trader”




All these and many more were said by his clownish ers.

See how our Naira and Economy is nose diving... It is safe to call Tinubu an Ineffectual incompetent buffoon.

you don't rebuild an 8year damaged economy in 10months.So, stop being sarcastic and face reality with positivism. Look at the economic matrixes,it will oscillate like tidal waves till things normalize

PARADIZEPRIEST:
you don't rebuild an 8years damaged economy in 10months.So stop being sarcastic and face reality with positivism. Look at the economic matrixes,it will oscillate like tidal till things normalize

When you finish blowing unnecessary grammar, please drink water and tell your president that.


For now, this your shalaye is worthless to an average Nigeria.

Whalis:
If Nigeria remains in Timubus hand till May it may not be a smiling history.

this is what happens when experts are working the ropes to solve an albatross caused by predessesors, half literates and illiterates are busy rantning in a very lowsy manner. Go get financial edu and stop this ...

PARADIZEPRIEST:
this is what happens when experts are working the ropes to solve an albatross caused by predessesors, half literates and illiterates are busy rantning in a very lowsy manner. Go get financial edu and stop this ...

who are the expert you are talking about here

Ogiame:
When you finish blowing unnecessary grammar, please drink water and tell your president that.


For now, this your shalaye is worthless to an average Nigeria.

You ppl are not exporting oil as before to earn more dollars as most of naija crude oil money sadly had been stolen in last 8years waste of govt,with intense buha govtcomplicite oil theft,so stop importing nonsense into Nigeria and naira will be OK.
Stop importing nonsense e.g
STOP IMPORTING SHOE POLISH, NAIL POLISH, KITCHEN UTENCILS

STOP IMPORTING LUXURY CARS FOR GOVT PUBLIC SERVANTS,GO TO INNOSON LEASE BULLETPROOF SUVS ,

STOP BUYING STUPID FOREIGN BUILDING MATERIALS LIKE FOREIGN PAINTS AND POP

STOP IMPORTING USELESS FOREIGN FURNITURES

STOP IMPORTING NONSENSE ASHOEBE MATERIALS FROM DUBAI

STOP IMPORTING CRAZY THINGS LIKE HUMAN HAIR AND ASETHETICS
ETC
YOUR LONG THROAT FOR ALL THESE NONSENSE SHOULD STOP IMMEDIATELY TO STRENGTHEN THE NAIRA angry

CBN SHOULD CONTROL ALL FORM M FORTHWITH ,DONT TRUST ANY BANK WITJDOLLARS EVER AGAIN.
AND GIVE FOREX ONLY FOR NECESSITIES TO IMPORT MATERIALS AND MACHINERIES TO BOOST AGRIC FOOD PRODUCTION,FOOD STORAGE REFRIDGERATED TRUCKS,ESSENTIAL VEHICLES FOR HEALTH,LOGISTICS ,AND SECURITY VEHICLES ETC.ANY THING OUTSIDE THIS LIST IS ANTI PEOPLE WELLBEING AND ANTINAIRA.QED.

PARADIZEPRIEST:
You ppl are not exporting oil as before to earn more dollars as most of naija crude oil money sadly had been stolen in last 8years waste of govt,with intense buha govtcomplicite oil theft,so stop importing nonsense into Nigeria and naira will be OK.
Stop importing nonsense e.g
STOP IMPORTING SHOE POLISH, NAIL POLISH, KITCHEN UTENCILS

STOP IMPORTING LUXURY CARS FOR GOVT PUBLIC SERVANTS,GO TO INNOSON LEASE BULLETPROOF SUVS ,

STOP BUYING STUPID FOREIGN BUILDING MATERIALS LIKE FOREIGN PAINTS AND POP

STOP IMPORTING USELESS FOREIGN FURNITURES

STOP IMPORTING NONSENSE ASHOEBE MATERIALS FROM DUBAI

STOP IMPORTING CRAZY THINGS LIKE HUMAN HAIR AND ASETHETICS
ETC
YOUR LONG THROAT FOR ALL THESE NONSENSE SHOULD STOP IMMEDIATELY TO STRENGTHEN THE NAIRA angry

CBN SHOULD CONTROL ALL FORM M FORTHWITH ,DONT TRUST ANY BANK WITJDOLLARS EVER AGAIN.
AND GIVE FOREX ONLY FOR NECESSITIES TO IMPORT MATERIALS AND MACHINERIES TO BOOST AGRIC FOOD PRODUCTION,FOOD STORAGE REFRIDGERATED TRUCKS,ESSENTIAL VEHICLES FOR HEALTH,LOGISTICS ,AND SECURITY VEHICLES ETC.ANY THING OUTSIDE THIS LIST IS ANTI PEOPLE WELLBEING AND ANTINAIRA.QED.

k.

I wonder how those almajiri fit survive this hardship,they would soo begin to die in numbers cos nobody gives them money again

We will Endure till eternity

I'm very glad I earn my money In dollars. Best thing about earning in dollars is that the foreigners paying you don't realize the high value of the dollar in your country, to them it's chump change, lol. I'm thankful 🙏

As usual, the lot of you who don't know anything about economics and the reason why the Naira is falling will always blame Tinubu. I don't give a hoot about the Emilokan crooner. But y'all need to think well before shifting blames.

When Emefiele was printing the new notes, you people including Obi and Atiku were praising him abi. Shebi they thought you basic economics in secondary school about printing more money. Abi your economics teacher didn't tell you that any country that prints too much money will end up like Zimbabwe. That mofo printed new notes, said he will take back the old ones. He later released everything into circulation. Himself and some of his thieving cronies even piled loads of cash and kept them under their bed.

The weyrey was selling dollar to his goons at a subsidized rate against the real exchanged rate. Who do you think was paying for the difference in prices?

Everything is Tinubu. Una no won get sense.

Tinubu should resign

There was a country called Nigeria

Ogiame:
“We need his BRAIN not his BODY”

“He has been planning for prezidensi since 20 yaaz”

“He built Lagos with half bag of cement and Tamed the pacific Ocean”

“He has First Class degree in Akantin”


“Jagaban is a Master strategist, Obi is a mere trader”




All these and many more were said by his clownish ers.

See how our Naira and Economy is nose diving... It is safe to call Tinubu an Ineffectual incompetent buffoon.

I may be wrong on this, but I think it would have been worse under Obi. There is currently no magic anyone can do economically to salvage the Naira while floating it or paying subsidy given our balance of trade and other economic factors.

If we remove the 'Economics' side of this consideration hence, we'll be left with that of politics. Politically, Obi would not be able to handle what the good, bad and ugly actors in and out of government would throw at him to frustrate his governance.

There would have been riots by now IMHO.

Nothing concern me but E dey mind

Naira will continue to weaken as long as we have a drug baron from Chicago, that has no family records, primary school record or secondary school record as our president.

Ebi pawa go continue non stop

PARADIZEPRIEST:
you don't rebuild an 8year damaged economy in 10months.So, stop being sarcastic and face reality with positivism. Look at the economic matrixes,it will oscillate like tidal waves till things normalize

you guys said exactly the same thing about Buhari, we will remind you again at the end of the road.

You say 8 year damaged economy by who if not Buhari whom the president you voted in says did a good job which he himself will continue. Someone says he would continue in the path of another person you consider a failure yet you voted for him, if it is not bigotry and tribalism then it's stupidity

Na to sell diamonds or nickel sure now

1

Them never see anything yet

This country MUST crash, make the South go free!

On Emilokan manhood we stand

Is govt planning for more seas to float the Naira?
They float the Naira without considering the impact on the citizens. Oyibo tell them it's alright.
Economic policy that results to mass starvation and death for citizens is a FAILED policy.
Economic planning has IMMEDIATE IMPROVEMENTS of the citizens' welfare as focus.

Ezeama400:
Tinibu is a disaster

It shall be well
Keep the faith