The Nigerian currency losses value in the exchange market

[rachael9385]

because looking at the country we observed that any te there is a change in government, our currency always losses value,

So you're saying that the new government is not trusted by the investors, hence they pull the plug and try to exit the market as soon as possible? What is the reason tho? Is the new government dictatorial or something? I'm not up to date with the political landscape of Nigeria. As for my country, we just had an election and as far as I can tell there's no significance difference in the market, maybe because most of them predicted the result, or at the very least the possible trajectory of the country in the next five years regardless of who was chosen as the president.

There is nothing much just that when a new Government is elected it always affects the economy.
But what is perplexing me is that it's almost 3years of the new government but still bad story.

[Agbe]

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.

The Nigerian currency is losing it value every single day that passes in the international market this is due to the fact that Nigeria is a consuming nation with no single thing that it produces, any government that has refused to develop the technological base of it nation so that it can be positioned towards an  economy that is producing will definitely suffer with high inflation because import in the international market is done with the dollar so it's going to definitely affect their local currency

The only remedy to this problem is for the country to be innovative and start producing goods and services to meet up local demands in that way inflation rate can be reduced and it's going to also strengthen the naira in the international market

[Chilwell]

As of date, the change of government is really affecting Nigeria economy. But with time the government will definitely make ammends across every thing to make sure naira gains it economic strength and value again.

I don't deny, and I will never deny any of your statement but from my observation I don't think government is attempting to do anything that is going to increase the value of Nigeria currency(Naira), what makes you have much confidence in government, many governments have come and go,  for the situation of the economy to improve, instead the currency value is decreasing and inflation is taking over. different kind of government has ruled before and still the situation is getting worst day by day, then what makes you think that the current government is going to do something about the hardship that the people of his country are facing.

[Aanuoluwatofunmi]

If the economy of a country is retrogressing, then there is a need to run a check on the government and their pattern of administration to the economy affairs as well as how effective have they been responsible for the growth and developments of the GDP when it comes to production and independence, what sort of policies are they working  with that are not productive for the growth required, who are the ones in charge of these implementations and are they up to task or not.

[Celph]

because looking at the country we observed that any te there is a change in government, our currency always losses value,

So you're saying that the new government is not trusted by the investors, hence they pull the plug and try to exit the market as soon as possible? What is the reason tho? Is the new government dictatorial or something? I'm not up to date with the political landscape of Nigeria. As for my country, we just had an election and as far as I can tell there's no significance difference in the market, maybe because most of them predicted the result, or at the very least the possible trajectory of the country in the next five years regardless of who was chosen as the president.

As of date, the change of government is really affecting Nigeria economy. But with time the government will definitely make ammends across every thing to make sure naira gains it economic strength and value again.

Fast forward to today fron a year ago,Naira is still performing heavily bad,completely devalued as though it is not important at all.The dollar conversion rate to naira is sitting at 1550 as at of today while last year, it was sitting around 1600-1700 thereabout;i’m talking about last year febuary to be previse.
    The situation we face is really no joke at all cause it justs keeps either getting worse se or not moving at all.Our government adds to this problem bh not making good decisions at all while still taking loans upon loans while still not making any significant change in the economy.Our economy is a joke and our government are the standup comedians themselves.

[Aanuoluwatofunmi]

When it comes to the issues of the banks and governments, we don't know how they both keep deceiving on each other over for a better economy when the whole system is collapsing already, now from the Nigerian government, we can see that the dollar is dropping in value and naira winning against it in the parallel market, this is nothing than a pure economic manipulation and it is going to bounce back on the masses, because the economy is not that stable to withstand any independency of the US dollars for now.

[MiningChick]

Niara's dropping fast, and it's got folks worried, many are jumping to Bitcoin and stablecoins to escape inflation. Crypto might be a long-term lifeline, or maybe the naira could still rally back.

[TomPluz]

There must be many wrongs with the Nigerian economy that is why its currency is losing value fast in the open market and seems to me that the government is under the curse after it meddled with the cryptocurrency market in the past months. Well, anyway, we know that currency going down means there is a big chance for more inflation and the people will suffer more so I am wishing more power to Nigeria so it can face this challenge well. Nigerians who can use cryptocurrency to protect their wealth can do so...there is just one big problem and it is the prices of many coins also going down so one must plan to hold like Bitcoin for a long time to derived profits on the decision.

[Stuart]

The method of leadership in Nigeria is something else. It is a good thing for a government to be criticized in the areas they are not performing well, so that they can look at that loophole and fix it, but the reverse is the case for the said leaders of the country. When there is a cry from the masses, they claim deaf ears. Unemployment, inflation in the price of commodities, little to no exportation etc. can all add together to affect the decline of a country's currency value. These are things which I am sure the leaders are aware of and knows how to control or tackle the situation, but rather, they prefer to use it as an advantage to take and eat alone.

Until they decide as leaders to take Nigeria to a better level, there is nothing that may change in the country's economy.

[joniboini]

I'm not sure how credible this report is, but it seems like the government is claiming that Nigeria's trajectory is turning positive soon[1]. Can any Nigerian verify what was said there? I think the currency exchange value has been quite stagnant in the last few months or so. I wonder if this stagnation already reflects this, or is it possible we'll see an increase in purchasing power for naira soon?

[1] https://businessday.ng/news/article/nigerias-economic-trajectory-turning-positive-says-cardoso/