mod. ugly; unfavorable. (From nasty.) : What a nay thing to say.
Dictionary of American Slang and Colloquial Expressions by Richard A. Spears.Fourth Edition. Copyright 2007. Published by McGraw Hill.
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Word Origin & History
nay
word of negation, c.1175, from O.N. nei, compound of ne "not" (see un-) + ei "ever." Nay-say "refusal" is from 1631.