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.

[Aanuoluwatofunmi]

The government of a country have to work in hand with its agencies to see the effective implementation of every elements that could help facilitate the advancement of the economy, there must be an increased rate of productivity in a country, this will help the people to be more independent and the economy to grow more rapidly, because the GDP is growing fast and this will also help the economy to maintain its balance and independence.

[Asiska02]

When everything about the government is not working, everything will begin to fall and we may continue to experience a big decline along the way when it comes to anything that has to do with such country. The big decline in the currency value of Naira to Dollar is so large that when Nigeria even becomes a producing country, it’ll take them a while before they can reach up to that which can close the big gap. Many things needs to be done by the government to make things balance in the country and make them rise up in ranks on the global scale.

[Stompix]

The big decline in the currency value of Naira to Dollar is so large that when Nigeria even becomes a producing country, it’ll take them a while before they can reach up to that which can close the big gap.

It's the opposite!
A weak currency is good for exports as your production costs are lower in $ terms, so if you're not producing and exporting now you will for sure not produce and export more with a strong currency as all advantages will be erased.
A strong currency is not always a blessing, that's why some devalue it intentionally to balance their trade books.

[Aanuoluwatofunmi]

When everything about the government is not working, everything will begin to fall and we may continue to experience a big decline along the way when it comes to anything that has to do with such country.

There will be a continues decline when the government are not having enough time in seeing through the situation over the economy challenges, they are better off doing other things than sitting to see how the economy could work for the progress of the people, since they know quite alright that they are not being affected by anyone or any policy implementation they supported at the expense of the economy growth.

[Celph]

The Nigerian currency is one with loosing its value at every short period.Our government themselves aren't helping matters with this at all..

The naira today has depreciated massively by 20%! Isn't that worth being scared of?with the price of goods,transportation and fuel increasing day by day,the country's becoming a hell hole.The poor are being whipped massively by this effect,even the rich are not spared as this effect isn't even a decidibg factor for both the rich and the poor at all.
Can't the Nigeria currency be at a point whereby we can boast proudly of our own currency?The government wishes for us to be patroit who can boast of our country meanwhile our currency is something not to be proud of at all..
At this point,can Nigeria even grow bettet?

[rachael9385]

Bro nice one. Being enlightened daily about the situation of the country is good but we have talked about the problems of this country too often we've been hearing news of the misfortune of the country almost everywhere in the radios, on TVs on social media everywhere in the internet is carrying the news of Nigerian government and it's economy. But aren't we wondering that in a country of over 200 million people and just few set of people are playing with the country resources and nothing tangible is done? Aren't we wondering when these whole story spreading everywhere would come to an end. Not that citizens can't make a difference but Nigerians so much believe in bribery and self benefits, greed, hypocrite, these are the major problems. I won't have to explain further but until we find a new era of government without these unworthy qualities then we can be sure of a change for now, we are still going to witness more inflation all round.

[Chilwell]

Nigeria currency is losing value against dollar, inflation has takeover the economy, governments doesn't overlook the problems that the citizens are facing due to decline of value of the currency, governments can join hands together (collaborate) with the citizens and bring progressive to the country, but selfishness, greediness, and discrimination will not allow them to do so. a wise man says "Together we stand, divided we fall", is not that the government is confused or something, they know exactly what to do, that will reduce the rate of inflation, and also make the economy stable, better and balanced, but they are intentionally ignoring them. Nigeria has eight ( denomination of notes , but I can assure that almost four(4) denomination of notes  are worthless because of devaluation and inflation.

[Mia Chloe]

Nigeria currency is losing value against dollar, inflation has takeover the economy, governments doesn't overlook the problems that the citizens are facing due to decline of value of the currency, governments can join hands together (collaborate) with the citizens and bring progressive to the country, but selfishness, greediness, and discrimination will not allow them to do so.

The draw back in the price of the Naira isn't even much of a fresh topic anymore . It's way so obvious that it's effect can be seen outrightly on the rate of inflation. Currently I've actually come across some arguments that Naira is appreciating currently but another question is how much is it appreciating and how long is the effect going to last.

Often times we talk about the depreciation of different currencies but the truth is it's usually a relative comparison between two or more currencies most of the time. That's because judging from the fact that inflation is an effect on every world currency then those increasing in value are actually those performing well despite the effect of inflation.

[rachael9385]

The news of Nigerian currency losing value is not a new thing, by this time I suppose many people should be able to cope with this inflation but the only problem is that it is not balanced at all if it rises today it will drop tomorrow but right now I think citizens to cope must be prepared for the hike and not the depreciation cause while waiting or hoping on depreciation one may not meet up.