Inflation in Nigeria

[Mr. Allcrypto]

The price of dollar to naira latelely has increased, which is affecting the price of goods and services and has led to inflation in the country.
The question many people may ask is ,
1. What is the meaning of inflation ?
2. What is the cause of inflation ?

I will start by defining the word "Inflation "

Inflation is the rate of increase in prices over a given period of time or tge increase in cost of living in a country. Generally, inflation also affects our exchange rate in the country.


The main cause of inflation in our modern day is; Devaluation. And Devaluation occurs when a currency loses value in comparison to other currencies. This makes imports more expensive and can lead to inflation ...

[Mr. Allcrypto]

The floor is open for everybody, you can ask any questions pertaining the current inflation rate in Nigeria, and as well as discuss your points of views so we can enlighten and educate each other in this platform 😉.

[Charles-Tim]

You do not need to make posts consecutively without anyone posting yet. It would be good if your post is merged.

The main cause of inflation in our modern day is; Devaluation. And Devaluation occurs when a currency loses value in comparison to other currencies. This makes imports more expensive and can lead to inflation ...

It is just like saying the cause of the price of bitcoin going down is because the price is going down. You can learn about the cause of inflation and edit your posts to make it better.

Some of the cause of inflation are depending more on imported goods and services, declination in productivity, increase in money supply, I mean money printing etc.

[DragonF]

I think say na pigin we suppose dey use here. I no sabi speak English oh so I go write with pigin. I no say no be only devaluation way dey cause inflation but when naira value don reduce, it go make things hard for naija bcus goods go come dey very costly when we wan buy from other countries. I dey find am difficult now self to buy things foreign sites and I no happy. All this thing dey result to increase for import prices and then the price level for our economy go come increase scatter. Bcus of all this thing I talk, inflation go come happen.

[Sim_card]

I think say na pigin we suppose dey use here. I no sabi speak English oh so I go write with pigin. I no say no be only devaluation way dey cause inflation but when naira value don reduce, it go make things hard for naija bcus goods go come dey very costly when we wan buy from other countries. I dey find am difficult now self to buy things foreign sites and I no happy. All this thing dey result to increase for import prices and then the price level for our economy go come increase scatter. Bcus of all this thing I talk, inflation go come happen.

Wetin Charles-Tim talk na e dey cause inflation. Before Naira go depreciate na something cause am, abi Naira go just depreciate like that. We no dey produce anything for this country compare to the things wey we dey buy from outside country come inside Naija. So when una go buy their foreign things, since una no get any better thing wey una go sell for them, any price wey them tell you, na him you go pay. And na them get the products so if you no buy, you no go fit survive without that thing. This go make you get no option than to buy am on the exchange rate wey them tell you.

[DannyD234]

The main issue wey dey bother me na say why the exchange rate of dollar to naira just dey rise e come be like say naira no get value again.

With all the natural resources wey Nigeria get the government no fit use am boost the value of naira. Inflation and debt wan just finish Nigeria economy 

[goaldot]

There was a time I heard people complained before about lack of food and all the rest. They said married people should not give birth to many children. They never knew it was inflation. Now, look at naira against dollar, the prices of goods in the market are so high. Those    working for government did not get salary increment. This our country seems to be like a stagnant water. Nothing seems to move forward again.

[Agbe]

Op this your thread and this one https://www.altcoinstalks.com/index.php?topic=318032.msg1503240#msg1503240 are saying the same thing so why creating multiple threads with the same motion? Well as you said in the second thread which captured my mind to make comment and only for me to discovered that you have merged thread or topic. And that is I brought the comment to this side. As you said the price of things are increasing daily and second by second and that quickly reminded me of the flood in the year 2012 and 2022 which was increasing every second ad that is how the cost of living in Nigeria presently and the only solution a brutal protest and if not things will never come back again and instead it will be increasing.

[SmartGold01]

All these cause are from bad government I mean bad governance and if not carefully controlled we might sink even more than this we are facing now because I don't any reason putting someone who is not capable to rule the country and can not handle things the way it should go rather than their personal interest. We also knows that our export rate is very low sometimes this bring down our currency because there is no much higher demand by foreigners to buy our products from our country and export to their country, when the rate of export increases more than our imports then we say to have a better economy even as that if we don't still work on some crucial issues about our governance we might fall back so, all these cause can inflation as well.

[Gideon99]

The price of dollar to naira latelely has increased, which is affecting the price of goods and services and has led to inflation in the country.
The question many people may ask is ,
1. What is the meaning of inflation ?
2. What is the cause of inflation ?

I will start by defining the word "Inflation "

Inflation is the rate of increase in prices over a given period of time or tge increase in cost of living in a country. Generally, inflation also affects our exchange rate in the country.


The main cause of inflation in our modern day is; Devaluation. And Devaluation occurs when a currency loses value in comparison to other currencies. This makes imports more expensive and can lead to inflation ...

Wetin I dey concerned about na why dollar go increase like with that kind value , everything just hard for Nigeria cost of living is too expensive. Wetin really dey make this dollar high so, we don taya like serious make government do something about this .

[Agbe]

The price of dollar to naira latelely has increased, which is affecting the price of goods and services and has led to inflation in the country.
The question many people may ask is ,
1. What is the meaning of inflation ?
2. What is the cause of inflation ?

I will start by defining the word "Inflation "

Inflation is the rate of increase in prices over a given period of time or tge increase in cost of living in a country. Generally, inflation also affects our exchange rate in the country.


The main cause of inflation in our modern day is; Devaluation. And Devaluation occurs when a currency loses value in comparison to other currencies. This makes imports more expensive and can lead to inflation ...

  Inflation rate as of today has skyrocketed to a point that there are items that are now out of rich of the ordinary Nigerian as the economy is in a bad shape and the naira to dollars exchange rate is on the rise, inflation in the price of goods and services is increasing everyday as there is no constant price of goods and services because you can buy something in the morning for 500 and then go back in the evening and get it for 1000

[Chilwell]

Inflation is the overtime increase in prices of commodities (goods and services), it has been a big effect in the economy, its rate is increasing day by day.

Nigeria has natural resources and raw materials that they will make proper use of, to achieve economic stability and for the betterment of the country, but they depend heavily on imported goods, the governments lack the ability to think on how to make proper use of the resources to bring development to our country with their full support, and to encourage the citizens to manufacture their own products that will be exported to the foreigners countries, so that they should need us, as well as we need them. The foreigners has to rise us (by increasing the demand of our products) the same way we rise them(as we purchase theirs, which bring development to the countries). governments have the ability to reduce inflation and promote deflation.

[Tribalchief]

~snip

  Inflation rate as of today has skyrocketed to a point that there are items that are now out of rich of the ordinary Nigerian as the economy is in a bad shape and the naira to dollars exchange rate is on the rise, inflation in the price of goods and services is increasing everyday as there is no constant price of goods and services because you can buy something in the morning for 500 and then go back in the evening and get it for 1000

And the consistent changes in price does not happen in a two-way manner, i.e increase and decrease. It only happens in a one-way manner, i.e we only get price increments, and no decrement. And sometimes, I think some of the marketers over inflate some of these things due to selfish reasons. Truth is, just as the government are not making things easier, some of our fellow citizens are making things tougher as well.

[rachael9385]

For naija we dey witness inflation all round oo this one no be in a given period of time oo this one Dom pass that statement this one na inflation pro max we dey witness inflation for prices of things still dey witness am for cost of living. Na only God fit deliver us from this thing oo cause I don't see it coming to an end anytime soon. Na to find wetin go keep you alive naim dey important first.

[Axcel777]

For naija we dey witness inflation all round oo this one no be in a given period of time oo this one Dom pass that statement this one na inflation pro max we dey witness inflation for prices of things still dey witness am for cost of living. Na only God fit deliver us from this thing oo cause I don't see it coming to an end anytime soon. Na to find wetin go keep you alive naim dey important first.

Nigeria is indeed living in the darkest times ever imaginable, “inflation which has affected the price of every commodities and cost of living. It is not something that we can hope will come to pass soon and the duty to survive is one most are willing to risk everything for. Amidst all these we can only pluck strength and courage to go head out to face every single difficulty that comes along our way, while waiting and praying for such change that will turn us into more prosperous beings.