RE: Hive-Naija Weekend Engagement #31 - "Naira vs Dollar"

Naija!, I greet oo

Like seriously, this is a season like no other. In a season like this, things ought to be going well but this season the reverse is the case — just like I wrote in my earlier post.

About the devaluation of Naira,the probability of dollar getting to 1k is very possible, and I see it happening before the coming election. If this eventually happens, we are all going to be affected — whether we earn in dollars or not, it would be a problem for us all, so far you still in this country.

The prices of things will skyrocket. The bread that a common Nigerian can easily afford will no longer be affordable. Several SMEs that the youths make a living from would close up. Students hoping to fund themselves from their savings in Naira, would have huge deficits, as their savings would have devaluated. While there are some benefits, especially for those of us earning in USD, the effects would will overshadow the benefits.

Also, as the country is broke, the only source of income for the government now, will be coming from tax. Taxing the citizens more, seems to be the only option left for them now. In fact they have made it know that they would be increasing the tax on our phone calls and data subscription, by 5%.

WHAT CAN BE DONE?

At this stage, I don't think there's anything we — as the citizens, can do. Everything lies in the hands of Mr. President and the CBN governor. On the president's side, there's need to cut our spending as a nation and pay more attention to our production.

On the other side — the Central Bank, the Governor would have to consider policies that can strengthen the Naira against the USD.

Though I am not expecting this current administration to do any of those mentioned above, but they are highly recommended, if not things are going to get worse.

However, as citizens we need to do our best in making sure we elect credible and competent leader in 2023.