Nigeria's Economy & The Relentless Rise Of The Dollar
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- Опубліковано 16 лис 2024
- The relentless surge of the U.S. dollar against the Naira has sent shockwaves through the Nigerian economy, driving up prices across all sectors and making everyday life increasingly difficult for millions of Nigerians.
In the past year, Nigeria’s Naira currency has tumbled half its value against the dollar.
This represents a 51.49% depreciation despite the Central Bank of Nigeria’s effort to stabilize the currency.
Gist Nigeria’s Mercy Frank looks at how this affects you, as experts proffer strategies to help Nigeria's Naira rise above the struggle.
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April to August or even this September is how many months? What made Naira lost almost 100% of it's value in less than 4 months? Incompetence well defined. People that have no clue how economy works should not go near power.
Let them stop lying to the general public of Nigeria. My country people you should not be deceived by this shenanigans lies their painting on importation is too much, if importation is too much what about the stolen which they have taken out change into dollar, is that also not too much. they continuously doing this every government have their money change into dollar.
look how stable CFA or Kenian schilling is compared to NIRA! Gouverment is cruel
Dollar is inflating naira is just inflating at a faster rate due to economic mismanagement
It is not the relentless rise of the USD but the further fall of the Naira as President Bola Tinubu is half way in his efforts to boost import substitution and export promotion in the last sixteen months of his administration. He has to spend more time in deep thinking and decision making because choices have consequences. He has made some good decisions and he has made some terrible decisions that are not pardonable in these circumstances. Long Live Nigeria
Stop praising someone who has shown in the past, his lack of knowledge on economic matters. This is a govt that is beholden to western powers. No country grows their economy into a $1trillion Gdp economy he claims he wants to achieve, on poverty wages for the working class. How do you also achieve that $1trillion economy by floating/auctioning a currency that has very low value. Think about it, if you have something of little or no value to anyone internationally, will you decide to have it auctioneered or, sell it by yourself at your own fixed price to get more value for it? So, why float/auction the naira? 🤔
If BRICS works out, lets join them and stop depending on the dollar
Just a reflection of a non productive and corruption laden economy.
It all starts and ends with leadership.
Unfortunately the political leadership prefers to multiply poverty in order to control and manipulate the ordinary Nigerians.
But impunity is when you play deaf to the yearnings and aspirations of your people.
@channels your graph is misleading.
1970-1980: -23.94%
1980-1990: 1511.11%
1990-2000: 1118.39%
2000-2010: 47.17%
2010-2020: 198.08%
2020-2024: 244.09%
Abi una no go school🤦♂
Confused government
The right title of this video should be, "Why the naira keeps losing value against the falling dollar". The dollar is becoming worthless within the US itself. It has lost about 96.8% of its value since 1973 and no longer backed by gold which gives a currency, any currency at all its true, real value. The biggest mistake of this administration is to float (auction) its currency against international currencies. How can any one with a brain, get any real value out of the auction of anything that has very poor, or no value at all as nigeria as done?..smh
It has lost waayyyyyyyyy more than 98% since 1973. Maybe 1000 percent. In the 1980s a bag of chips was .25 cents. Now the same bag has less food in it and is 2.50. the last 2 years food prices can be up 50 to 100 percent on items. The other illusion is quality of items purchased on the dollar. We now get extremely cheap quality items to maintain the illusion of affordable prices. While the items now may break with one use while before the same item could last you years. Leather is hard to find. Plastic is now made so cheap it breaks or disintegrates quickly
That show buhari and tinubu heads to the wrong 🏃♂️ way.
The Dollar is not really rising, the Naira is dying.
Internationally, the dollar is becoming more and more worthless in it's true value. Only in puppet govt administration countries, like Nigeria is the dollar held in high esteem. To increase the naira's value, you need to create more demand for the naira not the opposite, one if which should have been a high increase in minimum wage above N90k for starters. This would have reduced unnecessary demand for the dollar and more for the naira, which happened so well in the 60s and 70s.
@@4evertrue830 As long as we keep importing almost everything we consume, including Petrol (which we could easily produce in Nigeria and even export to neighbouring African countries, thereby increasing the demand for the Naira), and the Government keeps borrowing like drunken sailors, the Naira will keep going down in value.
If the Naira is strong, we won't need to raise the minimum wage.
@@JackPaul-vs3bq I understand that but, it also works both ways. A lower minimum wage in all sectors of the economy, only benefits those at the very top in politics as well as the corporate class. They use that to maximise profits. They then convert the naira into dollars and take it out of the country or, to keep in store at home to manipulate the continued fall in the naira's value. If the minimum wage is as high as i have suggested and enforced by the govt, the advantage will be to the workers's benefit and the economy. That money will be spent here and not out of the country. 😒
@@4evertrue830you’re not making sense. Increasing minimum wage is ingecting more fiat into the system. That worsens inflation and helps no one.
@@omnipotentwiz5101 The demand of a country's currency is what strengthens that currency and it's economy. The higher the demand, the stronger it gets and the stronger the economy is. The minimum wage in the 70s and early 80s was about N100 - N150/mth at $1 - N1.20k at the time. The equivalent of that today is roughly N165,000/mth even though, it should be a little higher. You tell me, how the average working class nigerian can survive on Nigeria's so called minimum (poverty) wage of N70,000/mth in an economy that has all it's social services already privatised since the Babangida administration of the 90s? Electricity, water, health care, education, etc are heavily taxed and privatised today. On channels Tv, a govt official was seen telling everyone that, those earning N1million/mth will pay 19% income tax and those earning N100million/mth (obviously referring to western foreign CEOs in Nigeria) will now pay 25% income tax. In the US and UK, such people will be paying tax of 45% - 70% on their income. You tell me how that pathetic low tax the govt has calculated for them to pay, benefits Nigeria and makes any sense to you.
Dumb govt
Nigerians are smarter than this ...
They have stored all the stolen funds of Nigeria in dollars, even when the Naira Is destroyed they will be spending their dollars comfortably at a good rate. For example if the Nigerian state stopped to exist the dollar will still be in existence and they will be able to use their stolen money which they've saved in dollars. This money these politicians have stolen is a very big huge amount of money, without this money being restored the naira will not be stable. All I'm saying is the money the politicians have stolen from the pulse of Nigerian and they are being stored in dollars not in naira it's the major problem of the dying naira. It's not a small amount of money the politicians have taken and stored in dollars.
You're not making any rational sense with your comment. 😒