NewStats: 3,264,251 , 8,183,132 topics. Date: Tuesday, 10 June 2025 at 10:59 AM n1t

The US Dollar on Wednesday crashed by 6.45 percent to N1,450 from N1,550 sold on Tuesday on the parallel market, commonly referred to as black market, after the Central Bank of Nigeria (CBN) hiked interest rate on Tuesday.

The CBN raised its Monetary Policy Rate (MPR), also known as its benchmark interest rate by 400 basis points to 22.75 percent on Tuesday from 18.75 percent in July 2023.

The Naira appreciated by 6.89 percent as the dollar crashed by 6.45 percent to N1,450 on Wednesday compared to N1,550 exchanged on Tuesday on the black market.

The impact of the rate hike has not yet reflected on the official foreign exchange (FX) as the naira depreciated by 2.04 percent after the dollar was quoted at N1,615.94 on Tuesday compared to N1,582.94 quoted on Monday at the Nigerian Autonomous Foreign Exchange Market (NAFEM), data from the FMDQ indicated.

During spot trading on Tuesday, the intraday high strengthened to N1,778 per dollar from N1,805/$1 on Monday. Also, the intraday low firmed marginally to N1,300 on Tuesday from N1,301 per dollar.

The daily FX market turnover declined by 7.45 percent to $154.16 million on Tuesday from $166.58 million recorded on Monday.

As of Wednesday, the Bureau De Change (BDC) operators have not yet received their dollar allocation from the CBN, BusinessDay findings show.

Although the reason is yet to be known, about 785 BDCs have been listed for the allocation, which the CBN approved of.

The CBN will sell $20,000 weekly to each BDC at a rate of N1,301/$, according to a circular published Tuesday. The BDCs are allowed to sell to end-s at a margin not more than one percent above the purchase rate from CBN

The Monetary Policy Committee (MPC) meeting, which held on Monday and Tuesday, raised the MPR by 400 basis points to 22.75 from 18.75 per cent., adjusted the asymmetric corridor around the MPR to +100/-700 from +100/-300 basis points, raised the Cash Reserve Ratio from 32.5 per cent to 45.0 per cent, and retain the Liquidity Ratio at 30 per cent.

Yemi Cardoso, governor of the CBN, who chaired the MPC said, “The MPC also deliberated extensively on various distortions in the foreign exchange market including the activities of speculators, putting upward pressure on the exchange rate with high -through to inflation.”

He said were, however, convinced that the ongoing reforms in the foreign exchange market will yield the desired outcome in the short to medium term. Some of these reforms include: the unification of the foreign exchange market; promotion of a willing buyer willing seller market; removal of all limits on margins for the International Money Transfer Operator (IMTO) remittances; introduction of a two-way quote system and the broad reforms in the BDC segment of the market to restore stability, enhance transparency, boost supply, and promote price discovery in the Nigeria Autonomous Foreign Exchange Market.

https://businessday.ng/markets/currency-watch/article/dollar-crashes-to-n1450-after-cbn-hikes-interest-rate/?amp=1

The Obis praying for the fx to be 2000/$ because gringory lost election will be very sad with this news. They will soon start crying everywhere.

Finally there is hope for Businesses who depend in Dollar

Keep crashing

It's crashing heavily would go below 1k this month 9 month pain about to be over

Wow, this is good news for Nigerians as the Naira appreciates and the dollar crashes after the CBNs decision to hike interest rates.

Nice one

Good news.

Better news is, Jesus loves you. Come to Him today.

Great, I want it to get to N800 before rallying back. Unfortunately, commodity prices will not reduce. That is the Tinubulation

Glory be to God 💪🙏

You cannot use the barrel of a gun to bring down dollars

I was going to the BDC in zone 4 Abuja yesterday, some EFCC/DSS goons blocked the road to zone 4 and asked me to make a U-turn

Anybody who has studied FX candlesticks for a minute will see that prices goes down for a while before continuing its upward journey.

Sanusi said d reason he was sacked was because he demanded that NNPC remit their dollars. You people's only source of FX is oil, yet NNPC go release one dollar

Now you have borrowed billions of dollars from ADB against future oil production

Binance r filing smart. If they wait for CBN to ban them, it means they now have to wait and lobby for CBN to unban them. But if they ban themselves, they wait a few weeks, naira crashes further n they simply unban themselves n continue trading That way, no illiterate can blame them.

All the BDCs r given $62M per month, is it for beans n dodo?
My aunt who has a drugs production company, by now, I know only her needs at least $1M monthly to buy raw materials

Boys have simply ported to other exchanges, d old men don't know how easy it is to move funds across crypto exchanges n continue life as if nothing ever happened. You only need just one working exchange, and I know at least one exchange that Nigeria can't mess with Una wan die...I won't mention Names.

Make una enjoy Jare, see you at ₦3000 naira to dollar

Nigeria shall be great again!

Very good news

again

Hmmm

ïgbos won’t like this

I pray this will be sustainable 🙏🏼

Y

Pls drop further.
No reasonable person wants to see depreciation because it caused a lot of turmoil.
The things blabulu should have done before floating the Naira he is now trying to do after causing severe haemorrhage with his callous,nonsensical statements and policies.
Nigeria and its currency CANNOT withstand the severe damage a free floating of its currency will cause.
Assuming minimum wage in all sectors was about 100k from present 21k or 30k and the average earner was on 450-500k salary,then a free float would have sailed through and be absorbed

All is well

Joy to Nigerians tears to speculators. Agony to those that bought dollars at 1800-1900

One naira to one Dollar is the promise of this evil party.

It should stop fluctuating abeg

It should be declining abeg

If things can get cheaper in the market

Katakata10:
Hmmm

Igbos won’t like this

See your life!
How much was it on May 29 2023?

Una no get any reasonable thing to contribute, na to shout Igbo up and down.

Noted

freeGiftOfGod:
Good news.

Better news is, Jesus loves you. Come to Him today.

you still living the missionary life of 1914

I like jagaban somehow sha, but sometimes I dey doubt the werey

Where can one buy it at N1,450?

Banks claim they don't have

Good monetary policy. How sustainable is this? We need to devise a way to earn as much as possible $ . deal with insecurity Tinubu. Tax heavily those buying luxury cars and houses as well.

Thread link and title has "crashes". How come Mod changed it to rises? Lol.

Audio

Tinubu is so arrogant so much that he is now going back to his vomit after causing avoidable hardship for Nigerians.

You removed subsidy when fuel was still affordable and now you are paying even much more subsidy yet the fuel is not affordable.

You floated naira when the exchange rate was still bearable and now you have reversed the policy and literally begging BDC to sell even at a crazy high price.

So so pathetic. Mr Trial and error

I want you all to save this comment and without sounding pessimistic... This gragra approach will solve nothing as long as you and i can not walk into the bank to get foreign currencies without so much issues, the demand on Black market will continue to be more than supplies and the dollar will zoom up even higher than before.

Demand and supply is the essence of any currency or commodity and as long as demand is always higher than supply, scarcity will always drive prices higher.

Validated:
Great, I want it to get to N800 before rallying back. Unfortunately, commodity prices will not reduce. That is the Tinubulation

Same u shouting that it will be 4k..

Two face mouth

bikerboy1:
Where can one buy it at N1,450?

Banks claim they don't have

That is one other thing though.
Being told it's 1450 and seeing it to buy without any hassles at that quoted price are 2 different things