The value of Naira continues to be depressed. It has tumbled significantly at the parallel market, presently hitting 361 against the dollar. This has affected the prices of commodities nationwide. Even sellers of locally made goods give “dollar” as an excuse for an increase in price. Food sellers too are reducing the quantities they sell. Like one Thursday I wanted to buy food after back to back lectures. The food vendor served some ten grains of jollof rice for a hundred naira. I asked “what’s up” and she said “dollar.” My jaw dropped. Then I realised it wasn’t her fault.
Why is Naira falling:'(. Could it be due to tactical and strategic blunder? Forces of demand and supply? Or maybe poor Naira has always been hurt.
You don’t say.
“Every f*cking thing. We’re pursued in this Nigeria. Don’t you see it? We get a new president that has good plans and then oil, which is a major source of foreign exchange, has a globally reduced price which steadily declines. It’s not normal to me. If one should decide to talk about this issue, you’d just cry.” -Iseoluwa.
“The question is, does the Naira even have value? I really don’t know. I don’t know what’s going on in Nigeria.” -Tobi.
“Our major source of foreign exchange is crude oil. Since there’s a drop in price it will affect the parallel market.” -Collins.
“Maybe little demands of our products overseas.” -Ife.
“Everything. Poor economy. Corruption. Excess imports compared to exports.” -Divine.
“Naira is dropping because Nigerians are too lazy. And we have no one to blame.. Because we had the chance and power to change.” -Dubem.
“I am not much of a economist, but I’m totally in tandem with Udo Ntudo. Operating a one-product based economy can do nothing but spell doom for an economy. It is no secret that oil prices have fallen to the point of being chthonic, even clearer is the fact that Nigeria has been paying lip service to developing a diversified economy.
Laconically, all these put together explains the exegesis of the free fall of the naira.Want to add something; blaming Emefiele for the fall is like blaming DSA for inadequate hostel. While it is convenient, it is very illogical as it is above his salt.” -Mubarak.
So. If you’re confused about what to do with the fallen (if not falling) naira, we have a self- help-for-dummies guide. Check out https://theunilaglss.com.ng/2016/03/06/self-help-for-dummies-what-to-do-with-the-fallen-naira/. I should end this piece with “idk tho” so you don’t say one blog crew ruined your life😁