Topic: Our naira no follow again (Read 317 times)

yeah we know say tins for the country hard oh based on how we gofment no dey do or impiliment policies we go fit mk tins beta, but u see dis market prices of a tin even the marketers dem the make tin worse the more by hiking the prices of goods and services dem far above de price e supos dey.
Somtin wey manufacturer add #20 ontop price , the retailer go com market com added farfar #100 dey tok say market don add price while na she just inflate  price lik dat just to get too much gain and the tin don bcom normal for everything in side d con3 na mk prices de run up high everyday we wake up.

There is no way for the incomes to be affordable when the dollar is now the standard factors people consider before they sell anything, when you ask a market person that you are interested in buying any market item and they call a price for you and you tell them that it is too cost, they will say dollar has gone up and that surprise me, like when did that became standard to increase price of goods and service when we use Naira in our country. I don't blame them sha, that is because the cost of petro purchase has increase but they don't show that narrative, it is the dollar they prefer to factor.

For this Nigeria, when price of food don go up, just put it at your mind that even if the driven factor that lead to the increase decreases, people will not bring down their own price, they will stay at that price until they are been force and even if they bring it down, it will never go back to where it was selling before the increases, can you imagine that, and these are the people that will cry when it doesn't go in their own favour, God help this country, amen.


If you go to naija cargo, they are angry with Nigerians because people that ship in products have refuse to go and pick the Item they order and that is because they don't have the means to clear it from custom people, you know that clearing of cars and some other products are very expensive right now in Nigeria and there is no money, these people prefer to have it there until they have means to come collect their products, that tells you how bad economy has become.

Foreign investment will not come to a country that has not been able to fix their economy, not because they there is not customers or will not make profit but the naira to foreign currency is not good, the relationship is not there and if they bring their dollar to Nigeria and convert to Naira, they will not have means to move their investments +profit out of the country because the dollar is scarce, this why they don''t want to come to our country, may God protect this country.

 This mata nah something wey if we begin to reason, e go give us more reasons to tire for the contri so the best thing nah to accept say the naira no fit go back as e dey before the independence period. Person tell me say if I dey expect things to go back to the way e bin dey wen #10 bin get value say I dey waste time and I see reason with am. As the years dey go by, we dey see less of foreign investors wey wan invest in the economy.
 So many ways dey to fix the naira but the question is we go fit do am? If we fit reduce the importation of goods to the bearest minimum and encouraging local production of items used on a daily basis, e go help but this one wey we no even believe in the things wey we dey produce locally, the dependence no go stop hence causing us to daily reduce the naira value.

In as much as the flow of foreign investment continues to fall in our  system of production, distribution and consumption the naira is going to continuously be devalued.

This continues devaluation of the naira has made the price of goods, services and commodity to skyrocket thereby making life unbearable for the less privilege among us in the society.

Importation of foreign goods more than exportation of foreign good: these has also been a major problem as instead of us to use what we produce or we export more and import less we are now importing more foreign products thereby put in more value on foreign products more the ones we produce locally.

I think the best way to stop devaluation of naira is to use most of our local products rather than foreign products because if we do it will be very affordable to everyone and until we value what we have our naira will continue to be devalued.

This topic is just on point because I was just discussing with a close friend today on how the Naira is almost becoming useless to spend and even save. We were thinking the rates would fall with a new government in power, but it seems like the old belief of whatever price goes up in this country hardly falls.
It's not funny really, and to think that the increment in minimum wage would do good, the question is how many people will get the palliative to assist survival in this tide of high dollar prices and interest rates?

Even the income no dey reach to afford the food,  and the worse thing be say the price still dey go up. E dey pain me say our government no dey help matters for things to even get better . The qey price of food dey go up e dey make me marvel how the poor dey manage to afford to get this expensive food price.   I don't know if e go still dey possible if food price go fit come down to the normal price like the way e dey before now. Naija dey go to a stage wey common people no go fit dey afford again.

Don't save Naira, Invest Naira for assets dem like Bitcoin or land and you no go dey reason all this Naira falling or raising discussion dem because you go dun secure your future with your investment. I no understand why una dey celebrate independence day like say as you dey Nigerian so, you dey independent? We dey like an independent country? Wetin dey independent about the country when we dey depend on others for almost everything wey we dey use and even out politics no dey determine by the masses but by who get money and connection pass. In an economy that's govern by bad and corrupt leaders, how you expect the currency to do well. It'll take the intervention of good governance for our Naira to regain its relevant. It'll only get worse so make we no dey think say things go better for future. Instead to  dey wait for person to come save us, na we suppose save ourselves. We need to dey invest today for the future by hoarding Bitcoin, land and dollars self.


We have to go back to subsidy because if government allow things to continue as e dey so, na the citizens go surfer am pass. Wetin dey cause all the rapid increase in price of everything na because say fuel price dun increase. The fuel dey control everything for this country because e belike na the most used thing as transportation na wetin everybody need use irrespective of the business wey you dey do and if your transportation increase, e go affect every other thing and those wey get other business too go increase their own because fuel (transportation) dun increase too. The government by now supposed dun see say the plans wey dem get no fit work, even the subsidy money, we no dey see where dem dey carry am go and do better something so make dem just continue dey pay the subsidy make life return to normal.

Omoh this Naira value issue just tire person oh. See as other countries the mk use of their least currency denomination dey buy and sell but for Naija even #20 Naira nothin useful person fit use buy, I no wan even go bear #5 cos I no fit remember how that #5 note luk lik again. It's just like all we're hustling for na to just dey able to afford the least food chop cos even as salary earners de salary no fit hold person for two weeks cos de moni value don die. It's just like we are hustling 3x more now to earn a moni value wey normally I'm those day 1x effort put in we sin supposed achive.  And am starting to rink say the govament no give a fvck about how dwindling de economy and de Naira dey fail as each day passes on.

The truth is that it will keep on getting worse because the government are not even concerned as it is becoming worse to do the needful that will help to give value to the currency. E be like say this is the end of Nigeria because naira they lose value every day and the things wey dem dey sell for market they add price every day.  Everyday I dey petty the poor how dem go take manage with the price of food for market.  Even people wey get money dey find it difficult to afford things with the current hardship.  The depreciation of our currency is really affecting the price of things in the market.

I dey pity people wey their business na for naira o, including myself that is still earning salary. Omo e no easy at all. Before salary dey enter, e don finish already...we dey live practically from hand to mouth.

When I imagine wetin the poor people in the various villages dey go through this time, my heart dey cut. Even cleaners, security and people wey dey even earn less than the minimum wage... Na God hand them dey o.

My brother i no believe say dollar ehh for this life go reach 1k as in ehh i shock, so like this just $5 na 5k be that oh, oboy  trading go deyvex person now ehh, because if your stops wey u put gets hit, maybe say na $10 you use for stop loss and e hit 10k don waka.

I dey tell you my brother the only thing to celebrate in this country na the gift of life, as this country take be now as e anything take happen no be new thing to us we go live on it, we don dey complain about this country issue since Buhari still dey, we was thinking that all our problems will become to an end when we voted Jagaban, but as this country dey like this ehn this na by who know person dey survive am, you no fit survive in this country without having any connections even to get job na by connections e dey hard say son of nobody dey go work interview and get the job except baba God help am.

Gas price for my side now is 900 per kgs I just dey wonder how coming generation go be, are they going to say they are happy to be in this country? Because as e dey like this so we are not happy, our parents face a lot in this country now that is our turn we are still facing the same thing, how our children time go take be. For this country youth most lead for the country to become better than this if not all this old age that are ruling us are all the same all they have is sweet mouth, during the time when Tinubu was contesting for presidential with the way him be they talk i was thinking maybe na person wey go do better thing, I don't know say na worst thing dey come. I been dey hear one rumor say strike go dey tomorrow I know believe say that thing go hold because Tinubu for don bribe them all.

I also remember vividly when I use to buy a plate of food for N10 and you’ll eat to your satisfaction. Times have changed, everything has increased. As time go on, the later effect of economy change is been reflected in the wages of workers. But currently now, the cost of living is higher than the salary given to workers they’ve resulting into hardship for the citizens. I agree with you that the only thing worth celebrating is the gift of life and good health but as a Nigerian we always pray for the best in every situation or hardship we find ourselves. That’s the zeal every bonafide Nigerian always have in mind to keep pushing and hoping for the best.

Any salary or wages in cryptocurrency must be converted to our local currency before use. Even our local traders who are crypto traders adjust their prices with the CBN exchange rates and right now the Naira is almost at 1$ to 1000naira.
With interest rates increased since the sitting of this new government, we are hoping that minimum wage and other avenue to make extra income is available to the common man without crypto knowledge or devices to eke a living online from.
Crypto currency education is still the way forward and this government should do more campaign and sensitisation workshops, they should also introduce the subject of cryptocurrency in educational curriculum throughout the country .

Right now it doesn't matter whether your earnings are based on the dollar, pound, or Euro, at the end we all meet at the same market and feel the heat, and that's the hard truth. The situation does not even recognize whether you are rich or poor, however earning dollars is pretty better than non.

The worst of it is that people are now taking advantage of this ugly situation on the ground and are increasing prices more than normal which will gradually ball down to we experiencing hyper-inflation if we haven't hit there yet, and thereby worsening the harsh conditions that everyone is facing right now.

Something not very important but still worthy of pointing out is, buying food is not investment, its important to eat so as to have energy, grow and stay healthy, but still, this benefits does not make food or eating an investment.

See my brother, I remember back in the 90s, there used to be this digestive biscuit my uncle used to buy for me when I'm going to school, that biscuit was usually sold 2 for five naira, and any day I did not eat at home, I will take one of that biscuit to school, If I finish it and drink water, I will not know hungry again for the rest of that day..

I honestly want to agree with your above statement, but personally, I think I've never seen Nigeria in such a bad shape, not for me though, but for the people around me, those without jobs, those who are living from hand to mouth, it's really crazy, God has been mercifully to me and my family, but I see this people everyday, and wish I could just turn myself into a god and help every one of them, but unfortunately, it's impossible, but I still believe that Nigeria will be good again for everyone, lets just keep holding on and hanging in there, only thing I can advice is, every one should please get something doing, now is not the time to be idle in a country like Nigeria.

Na that your last paragraph  sweet me and as nija wey we be, nothing dey ever shake us because we dey easily adapt to every shit thrown at us.
I even forget say yesterday  na independence but later realize after I been see some pupils wey fall out go match and I no blame them because them never rely know wetin this life be.
I just say make I slide in this thread and give some words of encouragement and I dey very sure say this country go better, maybe not this tenure but Mark my works say the country go one day return to normal.

I think say the situation no go really affect me because I get dollar account and I dey still earn and save in usd but as I go market to buy foodstuff last week, 100k I carry no fit buy any better thing. Things go even cost more for December because of Christmas and new year jolliment. I no know where we dey go for this country. Happy independence!

My broda...I tire oo
This kind thing sef don tire me. Na this same devaluation wey I dey talk about for the other topic wey I just comment. Nothing fit make you dey alright if you dey earn like 50k monthly. You fit still dey owe people because,at the end of the day, tp fare go chop like 15k, food and everything else fit chop 30k, so na 5k you wan dey save up to pay person house rent and utility bill?  Omooooo!! E hard, I no go lie. Make them better we country make things dey alright. Na still this things make some of we people risk Thier lifes enter boat to abscond , then them go die for Atlantic ocean.

"Prior to the point at which a 100 naira note held significant worth, our nation experienced more prosperous times, during which no significant efforts were made to rejuvenate the currency's value. I hesitate to attribute the decline in our country's economic policies solely to external superpowers; rather, the avarice of our leaders, their lack of competence, and the absence of effective planning have played a pivotal role in the prolonged degradation of our economy. Over the years, Nigeria has struggled to enhance its Gross Domestic Product and establish robust economic ties with other nations to facilitate trade."