The devaluation of the Naira is no longer news to my dear country however, I am so much concerned about its negative effects on us. How did we get here? $1 = #710? This is not good news and I feel so much pain about how the poor masses are suffering nowadays. The prices of so many things are on the increase and if our president and CBN fail to act fast, then I see the dollar climbing above #1,000 before the next presidential election. That means the hardship we are facing now is still the elementary part🤔
So I was at the slot last week to get a new phone as the one I am using kept having different issues.
Before I traveled 3 weeks ago, I priced this phone but then decided of buying it after I return to Lagos state since it was for an occasion I was going for and I wouldn't want a scratch on my new phone by anybody in my village 🤩. I should have known that dollars will increase before I was set to purchase this phone because I was so sad with the extra #20,000 increase in price just in a space of 2 weeks.
Honestly, I needed this new phone but then seeing the high price increase got me in a place of indecision. I was like, maybe I should wait for the dollar to calm down a bit before buying this phone but then, I decided to chat with my Neoxian city friends in our group to seek advice. @b0s, @vickoly, @quduus1, and @burlarj have been amazing friends of mine in the city, not only because of this phone advice but in general knowledge about this blockchain, wow, they have been super helpful to my growth via knowledge and so they suggested I should just buy it that way because no one can predict our naira and dollar any longer and that the value of naira by might keep depreciating by dollar increase thereby causing the price of things to keep skyrocketing. Of course, they were right because my recent findings are in line with those words too. I bought it oo, it's my blogging tool and I needed it even with the high price.
In summary, the dollar increase is a benefit to those of us in Nigeria earning in USD but then, the effect will overshadow the benefit due to inflation in the prices of things here. We will end up spending higher just like I did now. A whopping extra 20k was gone😥, just because of this mess we found ourselves. Well, I only hope that it will get better but for now, hard work is needed for everyone to meet up with the economic challenge.
Thanks for reading !!!
Please note: All pictures are mine