LOSING PURCHASING VALUE: Untold circumstances in My Country

Today I sat beside a guy who was just lamenting and talking on and on about how he missed the days when things were normal, how he would use 20k to stock his house, most weekends, especially on Sundays he usually entertains guest serving the meals, but now 50k can't even afford what he usually get for 20k before.

I understand that every country of the world one time or another have gone through times like this, and they intentionally work things out, but in our case there is no Hope on site, the funny part is, we just have to find our own ways, and whatever survival means and strategies to push through this, it's like the government have run out of solutions just leaving the system to run on free wheel towards any direction.

Few days a go I saw a post on X were our formal president slammed the current president in a very simple but strong worded statement he said and I quote..

A president just came up and declare a policy that has not been studied.

The fact is Our current president decided to clamp down on fuel subsidy which has been a system maintain by the government to subsidize the price of petroleum product so the people can afford it at a lesser price, but it was alleged that the funds instead of paying it to the refiners of these petroleum products, it was always stolen there by putting the feds in huge debt year after year, so these administration without thinking twice cut off the subsidy, so now citizen get to buy at an official price from the marketers.

This singular action has not only brought upon us untold level of hardship as it as never been before, plunged us down into hyper inflationary period, as it stands the above image are some of our lowest currency, but as it stance they have all lose completely their purchasing power, you can not get anything with them now, the highest there is 50 naira and one day I was shocked that in a grocery store I cannot buy anything with fifty naira in my hand, so the least you can buy is from 100 naira upwards.

As far as I know a country's currency strength lies in its lowest value to retain its purchasing power, so that literally means our currency have lost its purchasing power, the after math of these is that things are super expensive here, because you will need a higher denomination to buy something that a lower denomination could have bought.

In most western countries were the coins are still very much valueable, you see that the standard of living there is much better compared to ours, not in terms of technology advancement or structures, infrastructure, I know all that matters but in most cases what strengthens the economy lies in smaller businesses being able to strive and what aids them is all these smaller denominations were people can easily step in to buy and sale easily.

Because of a simple pronouncement that was not thoroughly thought through, our economy is seriously nose diving and it's so bad, as it stance We wonder what will become of us as Christmas approaches, this time of the year due to anticipation of demands, price hike is usually very high.

We pray and hope things turn out for the better