The Nigerian Foreign Exchange Market (NFEM) window, the new electronic forex trading framework introduced by the Central Bank of Nigeria (CBN), appears to be helping the nairaThe US dollar has crashed by over N100 against the Nigerian currency since NFEM came into operation, and this has not been good news for Nigerians saving in dollarA Nigerian lady who bought dollars when it exchanged at N1,790 lamented the negative effect the naira appreciation has had and shared how much she has lost so far
A Nigerian lady, @OloriOfOloris, has cried out on X over the negative impact of the naira’s continuous appreciation on her finances.
Since the CBN introduced the NFEM window, the naira has recorded massive gains against the US dollar.
The lady said she has lost over N300k.
Photo Credit: Bloomberg, X/@OloriOfOloris
Source: Getty Images
@OloriOfOloris said when she bought the dollars, the US currency exchanged at N1,790 but has since dropped to N1,530.
She sought assurances that the naira might depreciate against the US dollar in the future.
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“Save in dollars, save in dollars?! Bought dollars at #1790, it has currently dropped to 1530!!! Please tell me it’s going to go back up?”
Lamenting further in the comment section, the lady said she has lost over N300k by virtue of the naira appreciation.
“Wait fr fr, my chest is paining me. I just lost over 300k.”
See her tweet below:
Naira’s massive gain sparks reactions
@ifecodenho6 said:
“I have been saving in Dollar at least for 4 hrs now.
“Don’t mind this sh.it you are witnessing this December…..there is Inflow of Naira due to December matters once they are done spending there money E Boom 💥 .
“Check trend…last year December dollar was #1300 drop to #890.”
@enricodaveed said:
“Next time you won’t make such decisions 😂😂 1790 ke.
“Nigeria will be great again.”
@iamlordbernie said:
“Buy more again.
“It’ll still rise.
“Where are buying 1,500 though?”
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@FredTizzle said:
“U don’t buy dollar at that rate, been on 1700 for a while it wasn’t gonna go up 📈.”
@originalblaqboi said:
“😭😭😭Swr.
“Swapped my last naira to dollar.
“Now I be like mallam for roadside.”
@fancy_temi said:
“Why will you want it to go back up though?
“If you have naira , won’t you be able to save more dollars ?
“Why save in dollars if there’s no major reason for it though boo.”
Naira appreciates massively in black market
Meanwhile, Henzodaily.ng previously reported that the naira had remained stable in the official window and appreciated massively in the black market.
The development may be tied to the new CBN directive that no one trade is allowed to trade outside the FX market.
Abbas Yishau, an FX trader, disclosed that the Yuletide season has allowed Nigerians to open their vaults and begin disposing of foreign currencies they own.
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Source: Henzodaily.ng