Cockney rhyming slang for 'fair enough'. i.e. hairy muff - fair enough. As with most Cockney rhyming slang, the rhyme is usually shortened to just the first word - "hairy"; hairy (muff). Originates from Orpington area of South East London suburbs.
"Can I borrow a quid?"
"Nah sorry, need it for the train."
"Hairy (muff)."
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