Quote from: Odohu on February 08, 2024, 11:05:00 PM

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.

One thing you should also know as to why the rise is so rapid is because our practices here creates unnecessary scarcity of the dollar. When an Igboman want to bring in container and there is no dollar for him to pay and do that, he will go to the black market and buy at any price, the Aboki at that end will increase his exchange rate for quick profit, na so the price go dey rise dey go.
[/quote]
Odohu I really beacon and concur to this your explanation nothing comot fromt he real issue of the naira fall and cost of price of things, the country import everything including the least toothpick. But there is something I want add up here our nation here citizens are greedy mostly our investors and traders they have form all manner of union just to purnish the common man, of a Truth we import but there are some food we don't I can vividly say that our people here in Nigeria is too greedy of much gain, example during the festival period been the Christmas you hardly afford onion we don't import onion but the people halwd it for much gain, what if garri, yam and other food items are fully produce here but is not affordable. One thing I see is just that our government don't have good policy to control the market here one organization will just wake up and increase price of food without any government to stop them that is the reason everything is tide to Dollar even when is not imported.