Thé Uno Reverse Card Experience On Thé Nigérian Naira
If you have noticed, most Nigerians are very quick to talk about how bad the economic system of the country, and how it affects the national currency which is the Naira. Living in this country will forcefully teach you to be financially smarter, but that comes with some disadvantages too. Some people are prone to falling for scams while trying to be smarter. The typical explanation to the reason there is inflation in the country is because the Nigerian naira value to the international currency and foreign exchange is low. So what this is saying is that, the more the value of naira reduces, expect cost of living to increase and almost unaffordable by the citizens. Because Nigeria is more of an importing country than an exporting country. The best advice anyone can advise you to keep the value of your assets stable is to buy dollar and hold. This way when the value of naira keeps drowning, you are safe because you still have dollar. At least this can help you afford life and reduce the cost of living from your end.
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When you want to buy anything in Nigeria, the value you bought it last month is definitely not the value you will buy it today. When asked why, they blame the dollar, so technically, the reason the price of goods and services increase is because, the traders want to restock their goods without any losses. This is understandable, but recently the Nigerian naira got an increase in value. The value of dollar to naira crashed from 1,200 naira per dollar to 790 naira. Which is a big deal for the naira because that was more than 30% increase in the Nigerian naira value. This means that Nigerians can now buy more dollars with lesser naira than they used to buy few days ago. Unfortunately there is a big BUT……
In Nigeria, when the prices of goods and services go up, they never come down. It’s almost impossible to get it down. The prices of goods and services were so quick to increase when the dollar value went up, but now the dollar value is down, the price of goods and services is still up, cost of living is still up. The value of naira has always been known to always go down, but this time, it shocked us all by reversing and going up. We didn’t expect it, but what happens to the price of goods and the cost of living will their prices reverse as well? Nah, that’s Nigeria for you. It doesn’t go down, when prices of goods and services go up, they never come down.
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