Post
Topic
Board Nigeria (Naija)
Re: How dollar rise take affect the prices of things?
by
Odohu
on 08/02/2024, 23:05:00 UTC
My country people, I greet Una o. Abeg I go school graduate o but e get one thing wey I Neva really understand and I believe say the forum na the best place to ask the question. I wan really ask how dollar wey oyibo Dy use Dy take Dy affect the prices of goods and services for our country because if to say na only goods wey dem import I for say na the exchange rate when making payment but how e take affect things wey we they source raw materials locally come produce here like garri, rice, indomie, cloths, and other things
This thing Dy really make me struggle and look for means to earn in dollar.
Abeg I Dy wait for replies if possible use graphics, practicals, example and illustration anyhow wey I fit use understand am.
Dollar rise affact Nigeria because we are a net importing nation and dollar is the main currency used for international trades. Virtually everything we use in Nigeria is imported and you need dollar to import the goods. Assuming we are producing most of our things then there will not be too much dependence on the dollar.  This is the simple explanation as to why the rise of dollar affects our local currency so much.