Topic: Are you Benefitting or not Benefitting due to Dollar increase (Read 256 times)

Normally any body wey no dey receive payment in dollars must surely collect wotowoto, because naira to dollar don humble every body. Me I no go lie you, I dey benefit from this naira and dollar matter, because the more naira dey depreciate the more the value they increased for binance or any other exchange. For example if 1 dollar dey equal to #1000 before, E come depreciate in value against dollar come reach $1=#1500 you go see say if my $40 na #40k before E go come as %50 to be $40=#60k so that #20k don cover the lost amount wey inflation don reduce, so I still stand a chance to regain am through cryptocurrency. So na benefits be that.

I have come to realize that when it comes to politics and the economy, there are those who benefit from whatever the outcome or disadvantage may be. The Naira devaluation is not what is favorable to the average Nigerian because whenever such happens, there is a total hike in the price of goods and services, coupled with commodities, as the case may be. Although those earning in dollars do not feel the effects because they are already at an advantage in currency denomination, the difference makes them a bit more financially secure compared to those earning in local currency.

It is a truth that those earning in the local currency always have an adverse effect on the naira devaluation because it affects virtually everything, including the cost of living and other aspects of activities that involve finance. However, in order to cushion the effect of this, the only remedy is an increase in salary payments for those working. Businessmen and women already know what to do as they have already increased the price of their goods and services, which also has its own side effect on the poor Nigerians that cannot afford to have two square meals a day.

Nevertheless, those earning in dollars still feel the effects because the increase in commodities and the cost of living will also have an effect on them as the price increases, which they too will have to pay for. So therefore, everyone, in one way or another, spends the money as it continues to devalue.

Earning in dollars just make the situation abit bearable when compare to the salary earners. You earn in dollar, trade it to naira to buy expensive things. After trading it for Nara, the money sounds big but doesn't worth it. I wish the economy is being stabilized for everyone to enjoy.

What you said is the truth, the dollar rise have no value compare to what people spend on daily basis in food and service, it was more economical when the dollar was moderate compare now it rise has triple value of naira.  Though I can't conclude it's not benefiting as some person but majority at loss is greater that is why many feeling the impact.

I have come to understand that no matter what condition people are in or a country is in there are still people who will be able to benefit from it. Naira/Dollar rate have been increasing and everyone is complaining as the price of things keep rising but i still think there are those who will not be affected by the inflation but rather they will be benefiting from it. I think a good example will be those who earn in dollars, the dollar rate will be to their advantage and they will not be bothered about the inflation. The economy is getting worse and just as we are praying it gets better those who are benefiting from at hard times will pray it doesn’t gets better but majority of people get affected so e go make sense pass if dem neutralize the inflation.

Because i am benefiting from the dollar rise doesn’t mean that i will wish my country bad and not want them to recover from this situation.

You dey correct my brother, moreover we are not that educated but we are very smart to know what best to do so we can earn in dollars or even though we aren't earning in dollars yet we can do a good pay business that we can earn good profits. It's not easy to get a dollar paying jobs but we can work in smarter ways to make good profits.
Anyone that's not hardworking won't progress this period because things are getting more and moreso tougher day by day, these is more reasons why people that doesn't have any responsibility yet should make sure they have good jobs before they think of anything that's going to add any boardings to them. It's not wise anymore to save in naira these days because as day begins naira lose value against dollar.

Exactly there is nothing like an advantage from the way Dollar they raise. Even if you Dey earn for the dollar currency na still this country you go spend am and as long as things wey you go use am buy too Dey increase he no get any advantage. The only one Wey I go say u use better pass this people wey dey earn in naira be same them they at loss because things they appreciate and their own currency too they depreciate.

The naira devaluation has increased the demand of people asking more of the their payments either salary wages mostly from companies to be in other currencies and this is actually affect the value of naira again.

My dear I like your topic,when you ask if we are benefiting or not benefiting so that everyone here can Air his or her own point of view, just like me at the moment I am not benefiting from it and I am doing everything possible to meet you the demands to become one of the beneficial and I am almost sleepless night because it wasn't easy at all because anything that involves money requires alot of sacrifice,it will definitely cost you something to become among the beneficial, and I know alot of people are enjoying the increments of dollar And like someone had already said here that those who are into business like online business and things that has to do with naira to dollar will never want a change of decreased of dollar rather always pray for more increments, but for we who is not benefiting from it will have no say about a situations like this.........

There is no benefits in the rising of dollar because as the dollar is rising the items of the country are also rising mostly both the goods and services. The food items are unbearable and the services like transport, barbing and other items are unbearable. Because the increase of dollar affect everything in the country. As for me I never see and I never know any benefit from the increase of dollar.

Even though dem dey pay I'm dollar, and di question na, you go use dollar buy something and chop here in the country? And no, so what is di need of increasing dollar and devalueing naira in di country. Because dem dey benefits from am and not the poor Masses. Op there is no benefits there.

Truth be told, everybody no go fit find dollar paying jobs so no talk like that, if you say make dem find dollar paying jobs, before you go know plenty persons don dey go fall for the hands of scammers or ponzi based on their desperation to make money in dollar. Though some fit find other means like earning in BTC and all of that but I bet say 70% go fail due to limited amount of knowledge and good things aren't seen easily. For those wey be hard worker, now is the time to seek for a second job, because one job isn't gonna feed your family like usual.

Those earning in dollar would probably not feel the heat that much, but majority of us who depend on our skilled work and government based works are not comfortable with the increase. I bet that 70% of Nigerian depend on wages from their work in the country and with this amount over those who earn in dollar or any other means that's free from inflation, you understand why this increase is not favourable to the country. Aside just earning in dollar to beat the inflation, this is really reducing the worth of currency and our reputation in the foreign exchange market. So this is not something we should be happy about.

Na just this matter I been dey discuss with my wife today, she been dey talk say she wish say dollar go even climb reach 2k, I shout, say wetin? She talk this thing because she get work wey she dey earn in dollars too, so as them pay her, the money dey big when she convert am to naira.
True true, people wey dey earn in dollars or other currencies na e dey benefit from this dollar wahala, but those of us wey dey depend on salary for naira dey complain because as dollar dey rise, na so things dey cost wetin no nice and majority dey complain.
Thats why I dey always advice people make people fyn way to start to earn in dollars because that way we fit get chance to fight this suffer wey dey we country like this.

No enough good reason for me to say I enjoy the increase in Dollar rate over our Naira despite the little earnings from this my signature campaign. When majority of people are suffering due to one specific reason then it becomes very selfish for another to find pleasure due to not being majorly affected.

Straith up, I am not happy neither am I benefiting from the rise of Dollars over Naira, I wish the rate would come down so the price of commodities will aswell reduce.

Well na that thing wey dem dey talk say some government dey favour some people, so make we just take am say this current government dey favour people wey their income na of foreign currency because if to say naira no dey crash, the foreign currency wey person hold no go increase. But the truth be say many more families don dey impoverished the more with the administration and it is not looking like help dey come from anywhere until 4 years complete.

The good thing be say those wey follow dey say if you no go vote APC for a particular polling unit then make you seat down for your house, every body dey feel the heat. Today all the prices of commodities that you can mention don turn three times the price just within 1 year wey Tinubu enter Aso rock. The economy no smooth and na only people wey dey receive hard currency fit manage. For this country if you no get someone for abroad wey dey support you or you don't earn in foreign currency, Omo na big challenge.

You have just explained the real sense of things that is happening now that the dollar is appreciating against the Naira. The most painful part of it is that; even goods and commodities that are not imported are increasing everyday too. Just take a look at cement, a bag of cement as of December last year was just around 5000-5500 Naira, but today, it is almost 10000 Naira as the prices even differ in different states in the country. What could be the problem because even the petrol price has not increased again after subsided was removed by the government.

Why do I have a feeling that we also contribute to worsen the system but I just hope things get better in the nearest future. I am scared of the unseen when the weak and vulnerable ones want to revolt against the government, the catastrophic it will cause will not be something that will be bearable as it will affect all. As we all know, an hungry man is an angry man. The government should stay away from anything that will trigger the violence of its people when they have nothing to fend on or prices of food items are not considerable for them to bear or purchase anymore.

As dollar dey go up, people wey dey earn in dollar, their money to dey increase, so e get small advantage for them, but people wey dey do government work na those people e dey affect badly, because as dollar dey go up, price of things too dey go up, and their salary dey the same, so na people like that go hear am for body pass.

But even people wey dey earn in dollar, no be say dem go fit acquire plenty things just d way u dey reason am ooo. D way dollar dey go up, price of things dey multiply also, Wetin you go buy with 1000 Naira when dollar still dey low, you go need hold like 5000 naira if you wan buy am now, most especially things wey dem dey import come dis country. Try enter were them dey sell cars make you see d way dem put money for cars now. So no be say people wey dey earn in dollar go fit dey accumulate plenty properties, but those people better pass people wey dey earn in Naira.

If you earn in dollar, you do not really benefit from the US dollar price increase as naira is decline in price. Let me explain.

If you are collecting salary in Nigeria, your boss may take time before increasing your salary. This is a disadvantage. But later the salary would be increased.

If you are a seller or providing a service, as things are getting cost, you will increase the price of what you are selling or the service that you are providing and you will not lose if you are smart.

If you earn in dollar, the dollar price is increasing but the goods and services costs are increasing.

This is not possible. Probably you mistyped this figure.

The dollar's appreciation is positively correlated with the cost of products and services, including food and other commodities. As a result, people who are earning in dollars enjoy a considerable benefit over those who are paid in naira. It's important to remember, though, that earning money in dollars alone does not ensure prosperity especially if that money is insufficient. In Nigeria, the concurrent rise in the cost of locally made commodities makes reaching financial objectives difficult.

Consequently, the best strategy for thriving in Nigeria's economic environment is twofold: first, generate a sizable income in dollars, and second, diversify your sources of income. People can more effectively handle the economic issues that Nigerians face by earning a significant amount of money in dollars and augmenting it with different sources of income. This ensures financial stability and opens up prospects for personal advancement.

No be lie you dy talk, anything wey get advantage dy also get disadvantage,  just as almost every body dy cry for the high cost of living, so people no even send anybody because the government dy favor dem, so as e be so, na only people wey dy earn in dollar go dy happy because the rate of dollar just dy skyrocket everyday, so na so their purchasing power go dy rise self, so as e be so, the best you can do now na to look for way wey you fit start to earn on dollar since the government no wan do anything about it.

Wetting you talk for the aspect of keeping money for cryptocurrency na good thing no be bad thing. But one thing I dey always talk be say as almost everybody they think of putting their money for bitcoin make E add value, them know say bitcoin investment is also a risk and them sorpos bear am for mind, say e no dey always add value rather the movement na alway + or - and when the plus dey effective everybody wan invest but when the price don drop people go dey talk talk negative about am. So anybody wey dey inqure to invest in bitcoin or cryptocurrency make the person also know say risk also dey associated with am.

You really dey correct for this talk sha, though everything wey negative dey positive also dey inside and normal note as we done know say the country dey hard to the wey be say dollar no dey assist people we no dey earn in dollars nah for them to find means to earn in dollars or fund better paying jobs wey go make them to meet up for life because as this country dey so we know know were e dey carry us dey go any more.

As Bitcoin dey rise dollar dey also follow am for back dey rise so anybody wey know watin better for ram make em just find all means to earn in dollars. Normally normally if we observe fully we go see am say plenty people for this we country no get dollar accounts and e no dey good because now is the best time for every citizens of we country to create it and start saving something so that as dollar is rising, they will also get profits too.