Quote from: bettercrypto on Today at 12:30:32 AM

I think I only see 3 reasons why it is like that: inflation rates, hoarding of the prices of their goods there, or hyperinflation. It will really have a big impact that is not good for all the people there in the country of Nigeria.

That's why the people there really have no other choice but to find a way to survive the crisis they are currently facing. I know that the situation in Nigeria today is not easy.

The current inflation is as a result of how the country's economy is, where just one man makes and distributes a good or a service. Now in this scenario, there's no other means to go about acquiring this good or service so the whole country has to turn to this one man. The man has every right to do whatsoever he likes with the product because he doesn't have any fear. He can increase the price or even make it unavailable to consumers. This is more like holding us to ransome.
In situations where there are many distributors of the same product, competition will set in and everyone will make their price stable depending on the economy because at that point, no one wants to loose his or her customer. This way, the economy will grow because business is taking place daily and there'll be competition too which makes for a more appropriate price of goods and service.