The Nigerian currency losses value in the exchange market

[Aanuoluwatofunmi]

If we check around the market value of the Nigerian currency from the beginning of this year to where we are today, we are going to record a massive slope whereby the market have been falling due to the poor economic performance of the country in the parallel market as dollar always rises against the Nigerian currency by exchange rate, and up to this time, this has been the same situation on what is happening and some were already predicting more high in value for the exchange rate before the end of the year if the Nigeria economy is not progressing at all.

[joniboini]

Based on news that I read, some analysts predict that the condition might get worse even though inflation slowed down in the last 2 months[1].  Petrol's price and food prices are major issues that need to be addressed to avoid the worst outcome. I believe others said that the political situation does not help the situation at all. I can't give any suggestions to them, but hopefully, they realize the need to take a step back if they still want to enjoy their power. After all, it doesn't matter if you hold a ton of money but all of them become useless due to the terrible exchange rate. CMIIW.

[1] https://www.reuters.com/world/africa/nigerian-inflation-falls-second-straight-month-august-2024-09-16/

[_act_]

Any country whose local economy is not strong will always suffers a huge loss on the currency value of the country, because it will lack all it takes to perform along with other world fast growing economy and developments, there are many indications in which can be used in determining for whether a country is progressing in it economic activities or not, the rate on production must have to increase along the labour and workforce.

[Woodie]

At this point maybe we can give the Nigerian government some breathing room because we have seen what's happening around the world which could be directly or indirectly affecting them too, things like the Russian war is obviously going to affect them and have a say on its economy, droughts around the world, floods, political tension and the list goes on...also the mentality that government should help individuals should be something we need a mind change about because nobody owes anybody a living and people need to stop feeling entitled if we are to see development and the ripple effect will mean better performing economy, stronger currency 💵 etc.

[Renampun]

The Nigerian currency has recently experienced some depreciation in the exchange markets as a result of poor economic stability which has given room for rise in prices of goods and services and also a high cost of living in the country. Currency values can fluctuate due to various factors like economic conditions, inflation rates, and also global market trends etc... It's important to stay updated on the current exchange rates if you're planning to exchange currencies or make international transactions. If you need any specific information or have any questions, feel free to ask...
I wrote an article about inflation recently in a platform and I highlighted the causes of inflation in the country, and also how it strongly affects the cost of living due to the rate at which prices of goods and services where increased.
Currently the economic condition is very poor and the government needs to work hand in hand together with the citizens as well so we can restore balance in the economy.

I still remember the first time I learned what inflation was when I was still in college, coincidentally the major I took was economics, to be honest inflation is a scary thing especially for developing countries whose economies are moving towards developed countries.

I don't know for sure what happened to Nigeria, sorry I'm not discussing that, what I'm highlighting from this topic is the discussion about inflation, the role of the government is very much needed to suppress inflation because inflation is a natural thing but if the government is good at controlling its course, inflation will definitely occur slowly and gradually.

[joniboini]

also the mentality that government should help individuals should be something we need a mind change about because nobody owes anybody a living and people need to stop feeling entitled if we are to see development and the ripple effect will mean better performing economy, stronger currency 💵 etc.

What change are you referring to? Should we allow them to apply policies without any responsibility or something similar? I can understand why you want people to be responsible for their own choices, but as a citizen, you have the right to demand things from your government, especially if you vote for them. Why would the government exist if they don't have an obligation to make your life better? I guess it's impossible to do that in a monarchy or dictatorial government, but I'm sure Nigeria isn't one of those countries. CMIIW.