Inflation in Nigeria

[Yamzakid]

~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.

The truth is that our fellow citizens are making things more difficult for us. From the moment they discover that they want to raise the price of fuel, even if they haven't implement it, they will go ahead and start increasing the price of goods. if the government decides to tackle inflation, it will be very difficult, and I'm confident that even if they lower the price of fuel to 50 naira today, many prices of goods won't drop again due to our greediness and lack of market control.
Our problem is that once prices of goods increase, there is no guarantee that they will drop again. Items we used to purchase 20 naira before they are now selling them for 200 naira, the government is not only to blame, citizens have obligations to fulfill if they want the betterment of our country.

[Axcel777]

~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.

The truth is that our fellow citizens are making things more difficult for us. From the moment they discover that they want to raise the price of fuel, even if they haven't implement it, they will go ahead and start increasing the price of goods. if the government decides to tackle inflation, it will be very difficult, and I'm confident that even if they lower the price of fuel to 50 naira today, many prices of goods won't drop again due to our greediness and lack of market control.
Our problem is that once prices of goods increase, there is no guarantee that they will drop again. Items we used to purchase 20 naira before they are now selling them for 200 naira, the government is not only to blame, citizens have obligations to fulfill if they want the betterment of our country.

Thus, our economic state dictates that we as citizens owe it to ourselves to work assiduously to transform the infrastructural landscape alongside a strong willed polices from the government. It is most unbecoming for prices to increase with no apparent provocation but what can only be described as greedy moves that end up raising costs for the lot of us. To fix it, there is need to enhance market monitor, it has to improve so that every individual should understand that more profit will result to a wider gap. Quite simply, if we want a better country we need to be an active part of the fight for fair prices, of economic policies really oriented towards the common good and common need rather than the greed and comforts of the few.

[Agbe]

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

The problem with the high exchange rate in the country is that government has failed and lack the capacity to stabilize the naira against the dollar and this can only be achieved when you meet up local demands on the market with locally made goods and start exporting and we have failed on this regard we need start producing essential goods and services that the country needs that is when we the naira can appreciate against the dollar

[Mia Chloe]

The problem with the high exchange rate in the country is that government has failed and lack the capacity to stabilize the naira against the dollar and this can only be achieved when you meet up local demands on the market with locally made goods and start exporting and we have failed on this regard we need start producing essential goods and services that the country needs that is when we the naira can appreciate against the dollar

One huge problem that Nigeria has is that they are too dependent on the dollar. Majority of our imports and export rate fixated on the dollar making it difficult for the naira to strive. In addition to that our natural resources are not being managed like I've always said.
A country's economy is dependent on their natural resources and other means of revenue. Our leaders actually failed in managing these resources and as a result we are actually getting hit harder by inflation. The dollar is also hit by inflation but not as much as the Naira is.

[Sim_card]

The problem with the high exchange rate in the country is that government has failed and lack the capacity to stabilize the naira against the dollar and this can only be achieved when you meet up local demands on the market with locally made goods and start exporting and we have failed on this regard we need start producing essential goods and services that the country needs that is when we the naira can appreciate against the dollar

One huge problem that Nigeria has is that they are too dependent on the dollar. Majority of our imports and export rate fixated on the dollar making it difficult for the naira to strive. In addition to that our natural resources are not being managed like I've always said.
A country's economy is dependent on their natural resources and other means of revenue. Our leaders actually failed in managing these resources and as a result we are actually getting hit harder by inflation. The dollar is also hit by inflation but not as much as the Naira is.

It's not only in Nigeria, dollar is the currency that is used in international markets because it's world reserve currency. Nigeria is more of a consuming nation and they are not producing, making us to depend more on foreign goods which worsen our economy. If only we can focus more on producing most of what we use.

[Tribalchief]

~snip

It's not only in Nigeria, dollar is the currency that is used in international markets because it's world reserve currency. Nigeria is more of a consuming nation and they are not producing, making us to depend more on foreign goods which worsen our economy. If only we can focus more on producing most of what we use.

You're right. One of our biggest problem is the unwillingness to mass produce. We're just busy consuming other foreign products. As common as toothpick, we still import it from other countries. Nigeria isn't the only country using the dollar for international business related matters. The common sense to just put things inorder is not just there. Just imagine a oil producing country can't even make boost of 20 standard refineries. Our resources ought to be our pride and source of development, but it happened to be the other way round.

[Nheer]

The problem with the high exchange rate in the country is that government has failed and lack the capacity to stabilize the naira against the dollar and this can only be achieved when you meet up local demands on the market with locally made goods and start exporting and we have failed on this regard we need start producing essential goods and services that the country needs that is when we the naira can appreciate against the dollar

One huge problem that Nigeria has is that they are too dependent on the dollar. Majority of our imports and export rate fixated on the dollar making it difficult for the naira to strive. In addition to that our natural resources are not being managed like I've always said.
A country's economy is dependent on their natural resources and other means of revenue. Our leaders actually failed in managing these resources and as a result we are actually getting hit harder by inflation. The dollar is also hit by inflation but not as much as the Naira is.

It's not only in Nigeria, dollar is the currency that is used in international markets because it's world reserve currency. Nigeria is more of a consuming nation and they are not producing, making us to depend more on foreign goods which worsen our economy. If only we can focus more on producing most of what we use.

Will the government policy even allow us to produce with a lot of corruption and incompetence that full this our mother’s land. You have a better point with this our country we are bless a lot to produce things ourselves not depending on other nation, Nigeria as a lot of raw materials but our country mindset won’t allow them to implement that type of decision a lot of bad governance trying to secure more assets for themselves not for the nation.
We are supposed to be a great nation with a lot of mineral resources that we have but this country is full of shits and corruption we hope we find better governance to promote and bring a lot of progress to the country.

[Mia Chloe]

It's not only in Nigeria, dollar is the currency that is used in international markets because it's world reserve currency. Nigeria is more of a consuming nation and they are not producing, making us to depend more on foreign goods which worsen our economy. If only we can focus more on producing most of what we use.

Yes I agree the dollar is used as a base currency for pricing in majority of regions all over the world. The problem with the Naira is that it's too dependent on the dollar because of poor management of resources. We import way more than we export. Infact it's almost safe to say that the only thing we actually export is oil and oil is getting less valuable on the market every single day that passes.

Imagine importing things that will cost us as low as 5 to 10% to produce and end up wasting revenue on import duty and tariff. The whole system is Very messed up and it's getting worse over time.

[Mate2237]

It's not only in Nigeria, dollar is the currency that is used in international markets because it's world reserve currency. Nigeria is more of a consuming nation and they are not producing, making us to depend more on foreign goods which worsen our economy. If only we can focus more on producing most of what we use.

Yes I agree the dollar is used as a base currency for pricing in majority of regions all over the world. The problem with the Naira is that it's too dependent on the dollar because of poor management of resources. We import way more than we export. Infact it's almost safe to say that the only thing we actually export is oil and oil is getting less valuable on the market every single day that passes.

Imagine importing things that will cost us as low as 5 to 10% to produce and end up wasting revenue on import duty and tariff. The whole system is Very messed up and it's getting worse over time.

From what is happening now in the country I don't think consuming foreign goods making the country economy bad and cost of living. Now Nigeria producing fuel but the price is 100% higher than the importing time. Now Nigeria producing Indomie, spaghetti, Sugar and others commodities but all are coster than the time of importation. Nigeria problem is the elites. Since when Dangote produce fuel in the country, there is no General Electricity in the country. And the National Grid falling upon falling. So let us remove the dollar and foreign goods from this content. I was very much aware that dollar was the problem of Nigeria problem and whenever dollar rise things became costly but internal force are the cause of Nigeria problem. Selfishness and greediness is the caused of everything.

Dollar na international currency which is us to exchange Goods and services and with dollar there is globalization.

[Agbe]

It's not only in Nigeria, dollar is the currency that is used in international markets because it's world reserve currency. Nigeria is more of a consuming nation and they are not producing, making us to depend more on foreign goods which worsen our economy. If only we can focus more on producing most of what we use.

Yes I agree the dollar is used as a base currency for pricing in majority of regions all over the world. The problem with the Naira is that it's too dependent on the dollar because of poor management of resources. We import way more than we export. Infact it's almost safe to say that the only thing we actually export is oil and oil is getting less valuable on the market every single day that passes.

Imagine importing things that will cost us as low as 5 to 10% to produce and end up wasting revenue on import duty and tariff. The whole system is Very messed up and it's getting worse over time.

the main causes of inflation in Nigeria is bad manegement of our resources by so called leaders that has no knowledge of economics Nigeria can only have a good and stable inflation rate when we begin to prioritize local content over imported goods and products as it will help reduce the inflation I main reason why we are having this high inflation is basically because we are a country that is based on importing and it's the dollar that is used in the international market so we have to use plenty naira in doing that as ours naira to dollar exchange rate is poor

[Rruchi man]

Yes I agree the dollar is used as a base currency for pricing in majority of regions all over the world. The problem with the Naira is that it's too dependent on the dollar because of poor management of resources. We import way more than we export. Infact it's almost safe to say that the only thing we actually export is oil and oil is getting less valuable on the market every single day that passes.

Imagine importing things that will cost us as low as 5 to 10% to produce and end up wasting revenue on import duty and tariff. The whole system is Very messed up and it's getting worse over time.

Some policies that the government is making are not encouraging to producers and discouraging to those considering becoming producers. If there is enough incentive and a bulk of good policies encouraging producers, our production strength will increase because Nigerians are very hard workers. There also has to be some kind of program from the government to help people scale the bias in their minds about locally made products that they view as inferior to the ones' imported. Encouraging purchase of locally made products will be encouraging to producers.

[Asiska02]

~

One huge problem that Nigeria has is that they are too dependent on the dollar. Majority of our imports and export rate fixated on the dollar making it difficult for the naira to strive. In addition to that our natural resources are not being managed like I've always said.
A country's economy is dependent on their natural resources and other means of revenue. Our leaders actually failed in managing these resources and as a result we are actually getting hit harder by inflation. The dollar is also hit by inflation but not as much as the Naira is.

It's not only in Nigeria, dollar is the currency that is used in international markets because it's world reserve currency. Nigeria is more of a consuming nation and they are not producing, making us to depend more on foreign goods which worsen our economy. If only we can focus more on producing most of what we use.

If you’re a country that is always consuming and not producing, there is no way the currency of your country will be valuable in the international market, it’ll continue to depreciate and even your country people won’t like to be earning in Naira again but their earnings should be pegged more on the currency that your country uses for most international transactions. Nigeria Naira can only get better when we produce and sell out products in Naira in the international market, by that way, our currency can also gain value as it’ll be the base current for transaction out of the country. Even the little things we get to export are being sold mostly in dollars, how will we then now get value for our currency. It’s really impossible that way.

[Sim_card]

The problem with the high exchange rate in the country is that government has failed and lack the capacity to stabilize the naira against the dollar and this can only be achieved when you meet up local demands on the market with locally made goods and start exporting and we have failed on this regard we need start producing essential goods and services that the country needs that is when we the naira can appreciate against the dollar

One huge problem that Nigeria has is that they are too dependent on the dollar. Majority of our imports and export rate fixated on the dollar making it difficult for the naira to strive. In addition to that our natural resources are not being managed like I've always said.
A country's economy is dependent on their natural resources and other means of revenue. Our leaders actually failed in managing these resources and as a result we are actually getting hit harder by inflation. The dollar is also hit by inflation but not as much as the Naira is.

It's not only in Nigeria, dollar is the currency that is used in international markets because it's world reserve currency. Nigeria is more of a consuming nation and they are not producing, making us to depend more on foreign goods which worsen our economy. If only we can focus more on producing most of what we use.

Will the government policy even allow us to produce with a lot of corruption and incompetence that full this our mother’s land. You have a better point with this our country we are bless a lot to produce things ourselves not depending on other nation, Nigeria as a lot of raw materials but our country mindset won’t allow them to implement that type of decision a lot of bad governance trying to secure more assets for themselves not for the nation.
We are supposed to be a great nation with a lot of mineral resources that we have but this country is full of shits and corruption we hope we find better governance to promote and bring a lot of progress to the country.

There is another market manipulation by the government and CBN. Naira is appreciating over dollar since last weekend till date, but the cost of goods is still increasing despite the value that Naira is having which shows that the government is doing this for their own selfish interest. However, since it's a manipulation, it will be temporary and I don't see how this is solving the problem of hardship in the country.

[Mia Chloe]

There is another market manipulation by the government and CBN. Naira is appreciating over dollar since last weekend till date, but the cost of goods is still increasing despite the value that Naira is having which shows that the government is doing this for their own selfish interest. However, since it's a manipulation, it will be temporary and I don't see how this is solving the problem of hardship in the country.

Well in my opinion there is a little bit of misunderstanding here the Naira is not actually appreciating over the dollar and that can be noted by observing both their prices and price movement. What is actually happening is that the dollar is been dropping for a while now. During that very first period of bitcoin price pump, the dollar also increased in value too but it was mostly noticeable for those that trade Dollar pairs on the Forex market.

I really haven't done a thorough research on what caused it but the dollar is currently dropping though it may not seem significant and that is more like the reason Naira in comparison seems like it's pumping.

[Agbe]

~

One huge problem that Nigeria has is that they are too dependent on the dollar. Majority of our imports and export rate fixated on the dollar making it difficult for the naira to strive. In addition to that our natural resources are not being managed like I've always said.
A country's economy is dependent on their natural resources and other means of revenue. Our leaders actually failed in managing these resources and as a result we are actually getting hit harder by inflation. The dollar is also hit by inflation but not as much as the Naira is.

It's not only in Nigeria, dollar is the currency that is used in international markets because it's world reserve currency. Nigeria is more of a consuming nation and they are not producing, making us to depend more on foreign goods which worsen our economy. If only we can focus more on producing most of what we use.

If you’re a country that is always consuming and not producing, there is no way the currency of your country will be valuable in the international market, it’ll continue to depreciate and even your country people won’t like to be earning in Naira again but their earnings should be pegged more on the currency that your country uses for most international transactions. Nigeria Naira can only get better when we produce and sell out products in Naira in the international market, by that way, our currency can also gain value as it’ll be the base current for transaction out of the country. Even the little things we get to export are being sold mostly in dollars, how will we then now get value for our currency. It’s really impossible that way.

  I completely agree with you on this point you made here because the economy of every nation is powered by the productions capacity of the nation and in Nigeria we are basically an import dependent economy and that is really affecting our currency because the dollar is really way higher than our currency so is affecting us negatively we need as a matter of emergency increase local our local production so we can export so that our currency can have value in the international market that is when we can reduce inflation in Nigeria