In the past years, we’ve seen the continuous decline in the position of the Nigerian Naira against the USD. It’s become almost like a normal thing now with the Naira always on the losing end. And for those earning in Naira while spending in USD, it’s just more and more losses piling up.
As a Nigerian on this forum, or generally in the crypto space probably earning in USD, have you ever, even for once, wished the Naira would hit it hard on the USD? Like hit really hard
Now bear in mind, if the Naira gains heavily against the Dollar, let’s say something like ₦750 = $1, then your current assets in USD would more or less be slashed to half their value.
So, as a well-meaning and Patriotic Nigerian, do you really wish for that to happen?
Or have you just left it to chance, to whatever wants to happen should happen?
I wish that the Naira hit hard on dollar, it doesn't benefits me because I earn in dollar, this is not about me but about other Nigerians and my family. They don't earn in dollars, they earned in Nigeria local currency, ever since the price start declining in value, it has become hell for many salary owners, they barely buy the things they used to buy in those times, it's very difficult to live a normal life in Nigeria even if you are earning huge amount of money before this administration.
The downside of this is if the Naira gain value against the dollar greatly, the market sellers will not crash their price because an average Nigeria business person is very wicked. We complain bitterly about the government but when you check the individuals about the wrong we do, you will understand how good and deserving the kind of government we have. They will not crash the price because it's open market, the market don't decide and even if they want to increase supply, it wouldn't change anything, corruption will not let it work. So, it's better the price remain where it's now.