What happened to the Nigerian Currency?

Spaceman1000$

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Quote from: JeromeTash on February 22, 2024, 05:29:50 PM

I had a chat with a friend from Nigeria, and he told me how life is hard there and wants to get out of the country for greener pastures. He said how the economy was in a total collapse and yet the cost of living was so high. I took what he said lightly until I saw their currency value vs. the US dollar today. I was completely shocked.

I think we have a number of forum members here who are from Nigeria. I would like to hear from them. What happened to the Nigerian Currency? What triggered its complete drop in price, and what is the Government planning to reverse the trend?

The thing affecting the value of naira is complex in nature. The major trigger to the drop of currency value and also the elephant in the room has been corruption. The national reserve has been plunged into acute recession by those of them in authority of leadership, inflation has affected the currency as there is scarcity of foreign currency for marketers to get and use to buy goods at the international market. However there's a multi complexity of problem affecting the Nigerian economy, political, socio-economical, and high level of nepotism. It can only be solved by a pragmatic effort by leaders to sincerely come together to arrest the situation.

Jegileman

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Quote from: JeromeTash on February 22, 2024, 05:29:50 PM

I think we have a number of forum members here who are from Nigeria. I would like to hear from them. What happened to the Nigerian Currency? What triggered its complete drop in price, and what is the Government planning to reverse the trend?

What Nigeria is currently experiencing is as a result of mass importation of every thing they need for daily consumptions. The elites are taking advantage of exchange rate to make themselves richer everyday and it’s affecting the economy stability of the country since anything needed will have to be imported and the foreign exchange currency is dollar. Companies are now also having changes to their price because of the hike in exchange rate which will make them be at loss if they don’t adjust their price of goods sold to the public. The government is yet to find a solution to it and making life more miserable for common Nigerians. From removal of fuel subsidy to high inflation rate, it is very hard to be a Nigerian now and all hope of a common Nigerian is that a lasting solution is found to this now.

mvdheuvel1983

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The economy if Nigeria is bleeding because of her leadership, the people that has the mantle of leadership in Nigeria are looters that's why it is very difficult for the to have economic goals, since Nigeria started answering a democratic country after the military regime, I don't think that that any good leader has emerge in that country, if you read African more exepecialt Nigeria, you will notice that it is always about recovering of diverted public funds by public officer holders, the money meant for the development of the country infrastructure and more production.

When a country does not have a good policy toward their economy what do you expect, it bad that Nigerian are facing difficulty in time like this, their leaders has further plunge their economy into a situation that their naira has no value in the market.

DeathAngel

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The Naira has experienced fluctuations & challenges in recent years. Changes in oil prices, inflation, foreign exchange policies & economic instability have impacted its value. Nigeria heavily relies on oil exports & fluctuations in oil prices can have a significant effect on the Naira's value. Sadly inflation has eroded the purchasing power of the currency. Foreign exchange policies & economic conditions have also influenced the exchange rate. The Nigerian government has tried to implement measures to stabilise the currency but its value continues to be influenced by various economic factors.

Y3shot

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The problem that Nigeria is having right now is the kind of leaders the country has. The leaders in the country have no plans and agenda, their concern is to gain power, to retain political sit. With a good leader great country country like Nigeria with many natural resources can never be like this. This current government is so confuse and I think what they holding is too big for them, but they are so interested of power. They do not care if the economy is okay or not.

Kelward

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The rate at which the naira is devaluing now, especially comparing it with a stable currency like the US dollar, is very alarming, and it has caused the prices of goods and services in the country to be skyrocketing everyday, we're really hoping that the government will be proactive and find a lasting solution for the dwindling economy. A lot of factors are responsible for this, example is the new administration entered and removed fuel subsidy and it made the price of fuel to increase about %300, so the effect of this became gradually increase in the prices of goods and services, plus over reliance on imported goods, coupled with corruption in government. We in Nigeria, are hopeful that with time the economy will stabilize and our fiat currency will begin to appreciate, so the prices of goods and services will start to come down.

Boy_chef

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The major cause is the high level of corruption that occurred during the past administration. We saw in the news on Tuesday when the resolved resolved to probe how the N30tn Ways and Means loans of the Central Bank of Nigeria was obtained and spent by the past administration. This level of corruption within the body (cbn) that should be responsible for regulating the naira currency is the major reason for the sudden high devaluation of naira

teamsherry

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What else it's the bad government, they can't control the countries economy or would I say they play a role In contributing to the naira crash for the citizens to suffer, Nigeria is a country blessed by nature with almost every raw material you can think of, we should be one of the richest countries in the world if it was by resources, most of our citizens that are outside the country are doing well, lots of smart people in the country and its seems no one can come up with a solution to the problems. A country with a lot of raw materials import a lot of finished products, its so absurd the decline in the country.

Worst of all, of recent they put the blame of naira crash on Binance and forex exchange, not they put a ban on forex, do you how many citizens depend on forex and Binance to survive. The truth is Nigeria doesn't know their problem, so how can they solve it, or they know the problem and are too corrupt to solve it.

Cryptoprincess101

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Quote from: JeromeTash on February 22, 2024, 05:29:50 PM

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The Nigerian currency have been experiencing depreciation for a long time now and it is an issue of concern to her citizen as the devaluation has led to inflation and untold hardship on the people as every one is lamenting about the state of the Nigerian economy, though the cause of the devaluation has not really been specified and I must suggest that you move this topic to the Nigerian local board since the question is for Nigerians in the forum to answer and I believe you would get answers there rather than get it in this session.

JeromeTash

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I had a chat with a friend from Nigeria, and he told me how life is hard there and wants to get out of the country for greener pastures. He said how the economy was in a total collapse and yet the cost of living was so high. I took what he said lightly until I saw their currency value vs. the US dollar today. I was completely shocked.

I think we have a number of forum members here who are from Nigeria. I would like to hear from them. What happened to the Nigerian Currency? What triggered its complete drop in price, and what is the Government planning to reverse the trend?

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