Dollar to Naria Rising: Good or Not?
It is really becoming a hard time for Nigerians as in the past few days Dollar to Naira price increased.
On Saturday I did a transaction on binance on p2p. I sold $10 for #800 to $1 and I was credited with #8,000 in my Nigeria bank account. Not even up to a week $1 is #869. Imagine if I had bought over 1,000 worth of USDT I would be in a good profit right now.
I was talking to my friend yesterday and she said that's why we should earn in dollars. Yeah! I kept mute for a sec because she made a lot of sense but I answered the other way round when you earn in dollars and you convert to Naira things are still expensive.
[Image screenshot from my phone]
Now I'm so glad I found a hive and am earning in dollars, which is an advantage to me but what happens after I convert to Naira and things get more expensive. What happens to the civil servant who's salary remains the same?
On Monday the price of petrol rose from #530 to #617 and that is even the petrol station price and the black market will sell around #750.
The price of fuel increased when we had a new government where the president said he was going to remove fuel subsidies. When this was said that same day fuel price increased and just when we were already getting used to the price of 530 now it has increased again.
Not even talking about the price of transportation. I spend #700-900 daily on my transportation that excludes my feeding.
To be sincere at this time, it's really hard to even save because the expenses seem to overtake the income. In this situation what will we do?
I had this thought throughout the night. I'm definitely going to have more than one source of income and all will be in dollars.Since Naira doesn't have value let's go for the one with more value that's how to create wealth.
This is the best time to work hard here. Who knows whether it will get to $1000-$1 (nobody is praying for that though) but sure it's to our advantage for the dollar earners.
Thank you for your reading
Feel free to share your opinions in comment 🤗
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This was exactly what i was telling a friend, for the fact that we earn in dollars doesnt make us completely safe, we suffer less than people who earn in naira but we still suffernbecause the cost of living increases
Yeah
In this case, what do you advise?
It is well many people think because they earn in dollars, they cannot be affected by the current inflation and that's not totally true. Yep i agree they have little advantage. But they can't run from the inflation. I'm happy I am not the only one who knows this. Thanks for this nice article
Yeah true
You're welcome ♥️