The Impact of the Rising Dollar to Naira Exchange Rate on the Nigerian Economy.

I saw something about the rise of a dollar to naira which the price has now gone higher than what it used to be before. From the onset which I heard about the rate of dollar to naira, I have always thought that what goes up will surely come down. And then I kept imagining that how will the economy be balanced with the flowing price of dollar to naira. But I never knew it was going to still mount a high steer wheel.

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As the new got to me today that the price of a dollar to naira is now a thousand Naira, I was dazed and was imagining that how will the world be better with the way the price of a dollar has increased with respect to naira. The Nigerian economy based mostly on the use of the dollar because it is their means of exchange to get anything done in a more easy and a reliable way. This kept giving every citizen a sleepless night because the more the price of dollar goes up, the more the price of each commodity climbs up to the hill also.

This will leave everyone powerless because they do not have the ability to fight against what's on the ground. They only have to flow with what ever the country's economy brings. And this is a pain in the ass. I could remember vividly sometimes ago, the price of a dollar to a naira was around 450 and people were bitter about that price and complained so much but then, we never knew there was still more to come.

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The prices of things back then were still preferable, and then we still complained about not having enough, and now it keeps going up and to where it is now, and I am sure this will be very worse than what it was back then. This rate now signifies a big devaluation of the Naira, because it will now take a larger amount of the Nigerian naira to get just a single dollar. At some point, this is advantageous to those that were to acquire more naira and for those that have dollars as a means of saving or have stored them.

This is why some Nigeria citizens want to run from their country to a place where they can earn in dollars and then send their earnings back home for them to be able to save more naira notes in case when the money now has value, they will be able to have acquired enough that will sustain them.

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This current rate is now affecting the exchange rate, which is important, the overall economy and also causing inflation the more. I just imagine a worker in Nigeria that has a low pay as 30 thousand naira which is the minimum wage, how will they cope with having children and wife talk more of those with lots of wives and children. This might speed up the rate of criminal activity in the country because when there is no money circulation in the system and there is no work that will make people busy with their lives, it can lead to terrorism also.

I really think the government should revise its fiscal policies and some ways in which they will be able to stabilize the exchange rate in the country and boost the local economy to safe many from economic crises. And allow financial stability among the citizens. Life is not supposed to be so hard if the right things are done at when due.

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