'Naira is going back to 1900/$' - Nigerians react as naira resumes loss after big gain

The naira started the week on a bad note, depreciating by N65 or 5.26% from N1,169.99/$1.

This depreciation of the currency was as recorded on Friday, April 19, 2024.

On Monday, April 22, the naira closed at N1,234 to the dollar, according to the official rate obtained from the FMDQ.

BDC operators also stated that the dollar sold for N1,270 at the unofficial market.

This came after the naira had strengthened to around N1,072.74 as traders projected the naira could trade below N1,000/$1 for the first time.

Read some reactions below:

@Karovoni said: "Is it mere coincidence that the Naira starts to tumble after the report of foreign reserves depletion?"

@Faseun4You noted: “The ways to strengthen the naira is to boost local production, increase exports, provide soft interest loans to farmers/industries in Nigeria, adequate security, reduction in fuel price and others… All these white elephant CPR for the naira is not sustainable.”

@KelechiUche10 stated: "We know that they can't sustain the abracadabra. We're still watching. Let's see how they will continue to pump money to bring down FX without growth in the economy and in the midst of inflation."

@NNkwuaku opined: “NAIRA is going back to 1900/$. The Cardoso and Tinubu's magic has ended in disgrace. Our foreign reserve is on the red bar now.”

@benitokez noted: “I said it that the appreciation of the Naira won't last because it is artificial. When you deplete your foreign reserves to shore up the naira, it can't be sustained. What the FG is doing is just subsidizing the naira.”

@Generallifefor posited: “Shey Dey were jumping up dat it was drop make dem Dey play ... Nah now the journey just start”

@NoisyBoy_05 stated: “The recent positive changes where artificial and unsustainable nothing on ground to back it up. No export nothing ... It would have been nice if it was backed up by other factors.”

@agbochibuzor7 noted: "I exchanged for #1,275 yesterday night and I almost cried. I thought they said it was coming down."

BEB