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Economic hardship is one that is felt globally but it some countries are at a disadvantages when it comes to having good economic situation. Although this can be attributed to the bad governance in place that do not take the matters of the country at heart but they rather enrich themselves and their families at the detriment of the nation.
Following the recent happenings in Nigeria, the issue of inflation is one we have been dealing with for quite a while now but with each elected government that comes into power, there is always an increase in the cost of goods and services, prices would just skyrocket as if the initiation of a president always attracts it. So far, the naira depreciated seriously against the dollar. The increase in the cost of fuel is the height 9f it because, through the increase in the price of fuel, diesel, gas and so on it makes transportation of goods and services costly, talk more of what has to be imported from abroad.
Over the years and even in present times Nigeria has faced several currency issues that has led to one problem or the other especially for the masses trying to hustle and survive as the government makes no provisions for work. Several implementations has been carried out both monetary and fiscal policies but somehow they do not provide a lasting solution to the problems. One major problem the Nigerian currency is facing at the moment is the issue of Exchange rate volatility. The previous months has been a disaster for the Nigerian Naira has experienced serious fluctuations against major currencies like the US Dollar. This is because of factors relating to oil price volatility, external pressures, and inadequate foreign exchange reserves. While some where about about the inflation because they were earning in dollars by working freelance jobs, content creators on YouTube, Facebook,Twitter,reddit,Fiverr and so on,others were devasted because it made importation of goods expensive and unaffordable.
This depreciation in naira makes the economy standard to fall so bad that the masses are at the receiving edge. One issue we have as a country is the fact that, we practically export everything we need. Even the natural resources we own are been exported out , only to be refined abroad and exported back to us. All we need do is make our factories, refineries and agriculture work properly and everything would fall back in place little by Little.
To sum it up, we hope things get better and everything returns to normal.
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