Many of us thinks the rise of inflation and the weakness of the naira currency is because of the new government we have in the country. Before now a state governor was complaining about how the past government was printing of money, and many people thought it was just propaganda which they took it very lightly. The hardships and the high inflation rate we are seeing today is as a result of printing money that has been taking place longtime ago.
The cause of the inflation is nothing but as a result of printing money that is naira is losing value constantly everyday. The economy has never been bad like this, we are facing the consequences of wrong economy doings.
I checked Naira to a dollar value this afternoon and I was weak for some seconds. People might see it as advantage but clearly, their is nothing good about this currency decline that we are facing everyday because by the time you take ₦100k to the market, you wouldn't have much to buy but in 2019, ₦50k is going to buy you a lot. As the dollar is climbing up, so does entire commodities are increasing everyday and because you earned in dollars doesn't mean our parent and other siblings are earning dollars, they are been paid in Naira and they suffer from this inflation more than anyone.
This is what you get when you net in importation is bigger than your net exportation, we clearly import even toothpick into this country which is why importers are running to FX Market all the day to get their hands on dollars. If we want to stop inflation, it's pretty simple; we need to increase agriculture and how do we do that? We increased security along the rural areas where banditary is going on, we discourage importation of items we can produce here, even the demand of dollar will dropped drastically because there wouldn't be demand for importation, we will begin to have more of exportation and inflation will comes down to the nearest minimum.