Exchange Rate Dilemma and Nigerian Struggle.

The economy is getting tougher for businesses. One dollar is now over #1500
in the open market, and I can't imagine what its value will be in the near future. These days, things are so expensive on the market that there have been a lot of struggles in my country recently. The high dollar rate virtually affects everything you can think of presently. Many people are struggling to survive the harsh economy, but the more we try, the more the exchange rate keeps skyrocketing, making the situation so unbearable.

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As much as crypto earners in my country rejoice over the rate of dollar currently to naira, there's no major difference because even though we convert some dollars and earn high on naira, we will still end up spending it high on the high cost of everything around us, but I will admit that earning in dollars is still far better than earning in my country's currency. But how about non-crypto earners? It's a real struggle for them to cope. Two days ago, I overheard a man crying on the radio over hunger for him and his children. He said that his salary, which used to be enough for him and his family, cannot feed them decently for two weeks now, and he will go borrowing without any feasible means of paying it back. The price of foodstuffs went so high that even the rich are lamenting.

The country does not produce enough food on its own for the masses, and yet, our government has banned food importation from other countries, and even the little things that manage to cross the border come in with exorbitant amounts due to the dollar rate.
Our currency has lost value to the point that having #100,000 today looks like having just #30,000. I was in the market yesterday to buy a bag of rice, which is a popular food in my country. I doubt if there's any family that doesn't consume this particular food. To my greatest surprise, one bag of rice currently costs #70,000 within my area. This is something I bought for #35,000 over the last three months and for #25,000 over the last six months, respectively. The same is applicable to other food items in the market. All because of the current dollar rate.

Our country produces crude oil but lacks the capacity to refine it, thus exporting it to other countries, after which the product returns to the country at a high cost. All because of the dollar rate, and this petrol aspect affects the cost of transportation and food as well. Talk about school fees, medicals, house rent, etc.; all have been three times what we used to pay before due to the extreme dollar increase.

It's hard to feed a large family currently. I wonder how some people survive this situation. Now, the implications are that evil is on the rise. You turn on your TV and receive one bad news story after another. From a robbery attack to kidnapping and rituals, A lot of unimaginable things have been happening, and many lives are in danger. There was crime and evil doers before, but the present situation has made the evils escalate beyond what we can think of or imagine.

However, the federal high court has given the Nigerian government 7 days to fix the prices of goods and petrol products, which include diesel, petrol, and kerosene. I was happy while listening to the news on TV yesterday, and even our CNB governor assured Nigerians that they would do something about the dollar rate for the good of Nigerians.
If a positive action is taken, then the citizens might feel a bit relieved. I must say the Nigerians need help, and hopefully we will see light at the end of the tunnel.

Thanks for reading through.