Nigeria's economy is still facing a dip.

in finance •  last year 

On a trading and investment level, we already know that cryptocurrency is volatile. The good news though is that this wheel of volatility we see in Crypto can boost the value during a bull run. Those that have experienced this have a lot of stories to tell.

On the side of banknotes (with emphasis on Nigeria's local currency), what we've been getting since I learnt how to spell my name has been a consistent depreciation of the value of the Currency.

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I've lived through so many fiscal and monetary policies. A lot of ministers of Finance and Central Bank governors have been allowed to come up with a strategy that can revive the currency, but the currency appears to be facing a huge dip.

What is wrong with this currency?

Does it mean that all the financial and economic experts we have are incapable of doing something to save this currency?

I've been reading a lot of articles this week about the wreck our currency is facing. Different people say different things about what they think is the issue and what could be done to save the currency.

It's not a surprise because the easiest thing to do is talk about loads of errors in our currency and economy but, that doesn't tell the whole story. I believe it's so much deeper than that.

Politics is hugely at the epicentre of everything wrong with Nigeria's Currency. The type of people we have in strategic political positions have proved to be more concerned about their coffers than the improvement of the currency.

Make no mistake about this; we've had moments when our currency moved up in value by 2%, but that usually serves as a signal for a bigger crash in value. At the moment, Nigerians are desperate for policies that will save our currency and increase its purchasing power.

Sadly, the gradual collapse of our Currency is already at the heart of everything that is going wrong for Nigeria's economy. The economy of the country is getting chaotic!

Any idea of how people can cope with this unfavourable economic situation?



Spanish Version



A nivel comercial y de inversión, ya sabemos que la criptomoneda es volátil. Sin embargo, la buena noticia es que esta rueda de volatilidad que vemos en Crypto puede aumentar el valor durante una carrera alcista. Aquellos que han experimentado esto tienen muchas historias que contar.

Por el lado de los billetes (con énfasis en la moneda local de Nigeria), lo que hemos estado obteniendo desde que aprendí a deletrear mi nombre ha sido una depreciación constante del valor de la moneda.

pexels-ismail-seghosime-5671470.jpg

He vivido tantas políticas fiscales y monetarias. A muchos ministros de Finanzas y gobernadores de bancos centrales se les ha permitido idear una estrategia que puede revivir la moneda, pero la moneda parece estar enfrentando una gran caída.

¿Qué tiene de malo esta moneda?

¿Significa que todos los expertos financieros y económicos que tenemos son incapaces de hacer algo para salvar esta moneda?

He estado leyendo muchos artículos esta semana sobre el naufragio al que se enfrenta nuestra moneda. Diferentes personas dicen cosas diferentes sobre cuál creen que es el problema y qué se podría hacer para salvar la moneda.

No es una sorpresa porque lo más fácil es hablar de un montón de errores en nuestra moneda y economía, pero eso no cuenta toda la historia. Creo que es mucho más profundo que eso.

La política está enormemente en el epicentro de todo lo que está mal con la moneda de Nigeria. El tipo de gente que tenemos en posiciones políticas estratégicas ha demostrado estar más preocupada por sus arcas que por la mejora de la moneda.

No se equivoque al respecto; hemos tenido momentos en los que el valor de nuestra moneda subió un 2 %, pero eso suele servir como señal de una caída mayor del valor. En este momento, los nigerianos están desesperados por políticas que salven nuestra moneda y aumenten su poder adquisitivo.

Lamentablemente, el colapso gradual de nuestra moneda ya está en el centro de todo lo que va mal en la economía de Nigeria. ¡La economía del país se está volviendo caótica!

¿Alguna idea de cómo la gente puede hacer frente a esta situación económica desfavorable?

Thanks For Not Missing Any Full-stop Or Comma
Thumbnail Image taken from pexels

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Well it is basically the same as a rug pull in crypto. Our leaders who print the cash spend it outside the economy basically selling it for imports, resources and goods at a lower price each day.




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