What if the naira currency takes its shape again

[Bright0515]

Following how the Trading market is becoming very difficult for the Nigerians using naira lots of controversies everywhere from industrial products to farm produce this makes the economy very hard for a common man it now seems like the country is for only the rich cause the common man find it very hard to cope.
But there are still people who are happy because they earn in dollar so for this these set of people have no problems even if the naira currency goes high every second but those earning in naira are in tears so there are alot of controversies.

My question to all what if this naira currency takes it shape today what is ur fate what will you say you have benefited from when it was high, cause I still feel that lots of people don't have any savings at all so what will be the difference between you that is earning in dollar and has no savings and a person earning in naira and still has no savings.

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[Barikui1]

See my brother, as e be so for we country, no body dy benefits from the way things dy cost, wether you dy earn in dollar or not, na the same market we dy meet ourselves, na  true say if you dy earn in dollar you get small leverage pass person wey dy earn in naira, but even upon that, e no dy funny at all again, super park caton of Indomi now na 18k, something wey I dy buy 4500 before.

So if you be Indomi lover, you just need to forget about am, because now na no go area, wetin I dy try to talk be say, earning in dollar or not, this current inflation too much, e dy worry everybody, wether you dy rich or not, you must feel the impact for your finances, so if you still get anything to save after expenses, just know say you dy blessed more than you think.

[Churchillvv]

My question to all what if this naira currency takes it shape today what is ur fate what will you say you have benefited from when it was high, cause I still feel that lots of people don't have any savings at all so what will be the difference between you that is earning in dollar and has no savings and a person earning in naira and still has no savings.

This question requires a rational thinking. Yeah if dollar because equally with naira which I see no possibility but if it plays out to be so then people will begin to earn in naira.

One thing you most remember is that Nigerians like to make use of every opportunity so if naira get equivalent to dollar then all the naira earning means will be maximize although i believe this to be an imagination because with that I'm seeing even with all the measures to bring naira up it's not going to work yet till the government that is call this suffering a baby step gives up.

[Richbased]

I would be very happy if the naira normalize because their is no gain in it's devaluation in the first place because the more the naira devalues that's how inflation rises as the price of goods, commodities and services also tends to skyrocket so what's the need of earning in foreign currencies when we know quite well that we will still come back home to buy things at a higher price so there's actually no value in it so if I see that the naira have normalized today, I would be very happy.

Moreover, the poor people in the society are the one's feeling the great impact of this economic challenges we are facing because they earn very little and purchase things at a very high price.

[Marvelockg]

My question to all what if this naira currency takes it shape today what is ur fate what will you say you have benefited from when it was high, cause I still feel that lots of people don't have any savings at all so what will be the difference between you that is earning in dollar and has no savings and a person earning in naira and still has no savings.

i don't want to appear as a preacher of dome but to be honest naira won't equal the dollar in the next ten years. I'm yet to see any long term measure that has been implemented that could see to it that the naira can climb as high as 500N=1$.

But let's assume it happens that the value of the naira to the dollar goes as low as  1$=100N, you might be surprised that it would affect us negative and our working population and lots of guys in the technological field that have shifted thier eyes from local jobs because they work remotely and are being paid in dollar would shift thier attention back to doing local jobs which will increase the rate of competition for the few available jobs and might in turn increase unemployment.

Either the value of naira increase or not, it must affect us  because at the end of the day, outside of most jobs that pays most youth in dollar, thier isn't much jobs available in the country. Do you still know that one of the major reason why we've not heard cases of armed rubbery of recent is basically because of the advent of yahoo? Do you think if youth can't do yahoo and the once that are hustling legitimately and are earning in dollar can't get good pay because of the exchange rate crime won't increase in the country?

Untill thier is an increase in the salary of local workers, gain in the value of naira is nothing too big to be apppauded

[Zanab247]

This is d reason dey keep telling us here say make we no dey depend on one source of income and, if u still dey depend on one source of income in d country, u go follow those who depend on one source of income are passing through in d country in dis hardship but those who dey receive dollars in d signature campaign and also receive naira in deir working place will not experience dis hardship in d country.

If d naira take it shape again will not still affect many people here and other people who no depend on one source of income in d land because, dey earned from both naira and dollar, and if u are a type of person dat depend on only dollar, try to look for something doing dat will b giving u naira also in case one fail, u can use d other one to sustain yourself.

[Rockson1]

See my brother, as e be so for we country, no body dy benefits from the way things dy cost, wether you dy earn in dollar or not, na the same market we dy meet ourselves, na  true say if you dy earn in dollar you get small leverage pass person wey dy earn in naira, but even upon that, e no dy funny at all again, super park caton of Indomi now na 18k, something wey I dy buy 4500 before.

So if you be Indomi lover, you just need to forget about am, because now na no go area, wetin I dy try to talk be say, earning in dollar or not, this current inflation too much, e dy worry everybody, wether you dy rich or not, you must feel the impact for your finances, so if you still get anything to save after expenses, just know say you dy blessed more than you think.

I appreciate the way you said this thing, on what I noticed dollar is not rising but naira is decreaseing on it own because of the excessive printing of cash and as the CBN government are printing money excessively it's adding no value to it and that's why things are hard. When what you are holding is not valuable people use it as nothing, no good value because we see it anywhere we go, by doing a little job you can get paid but the money that you where paid is not valuable, it can't afford your needs.
Today naira was gaining its value back but with small speed, it's not going down with high speed but as time goes on it will regain its value. Even it naira and dollar is the same rate things will still be cost.

[DaNNy001]

I also noticed that the naira don dey drop too but if at all sef na still better thing na because the rate of things and the cost of things go cheap for the country but the issue wey dey be say Nigeria no dey ever go back to the reduction of price of things because even if the dollar drop well well sef those goods and commodity wey been don add price no dey ever come down but even if sha e still dey better say the price dey go down atleast our currency go get small value.

[nelson4lov]

The dropping rate is even worse. Like other people have said already in this thread, the possibility of price of food items returning back to previous prices are slim. For the last 9 years, cost has been in an upONLY uptrend and it doesn't come down. The situation is disastrous for everyone because as rate go up, prices go up. I saw a few people celebrating earlier today about rate dropping forgetting that our economy is still in a sorry state and the recent messages that FG has put in place (Crypto ban, BDC arrests + new guidelines) will not be sustainable enough for the long term.

[Asiska02]

Following how the Trading market is becoming very difficult for the Nigerians using naira lots of controversies everywhere from industrial products to farm produce this makes the economy very hard for a common man it now seems like the country is for only the rich cause the common man find it very hard to cope.
But there are still people who are happy because they earn in dollar so for this these set of people have no problems even if the naira currency goes high every second but those earning in naira are in tears so there are alot of controversies.

There’s no essence why you earn in dollar and spend in Naira. You and the person earning in Naira during economic hardship just have a slight difference. As the economy is getting harder, which is mostly caused by the exchange rate of dollar to Naira, those that earn in Naira are mostly affected and can’t cope with the economy. Those earning in dollar and spending in Naira are just in equilibrium with the changes in economy. They spend higher than what they do before and this will also increase their income when converted to Naira from dollar thereby balancing the change in the economy.

My question to all what if this naira currency takes it shape today what is ur fate what will you say you have benefited from when it was high, cause I still feel that lots of people don't have any savings at all so what will be the difference between you that is earning in dollar and has no savings and a person earning in naira and still has no savings.

The only benefits I can be boastful of is that, I was able to still purchase and achieve what I wanted despite the hardship in the country. In situations like this, savings are very hard to come about because of high cost of living, you just have to be feeding from hand to mouth. It is justifiable if you don’t have any savings throughout this period, they are hard times that you’re not obliged to save.

[Kelward]

Aldo people wey de earn for dollar get some advantage unto say as naira de devalue e no de affect dem money for dollar, because if dem change di dollar to naira, e go plenty for dem hand, meanwhile people wey hold naira, as di currency de devalue na so di purchasing power de devalue also. But make people wey de earn for dollar no too laugh people wey de earn for naira, because if you change that your dollar to naira, you go still take dat plenty naira buy only small items. Imagine garri wey de full one paint rubber wey be 800 naira before, now na 2,400 naira, so dat plenty money wey you change to naira , na still small thing e go buy.

For your question say weda naira, go take a sharp turn to reduce in comparison to dollar, make you comot mind, even if prices of goods go come down, na very small small like snail waka, I seriously doubt say e go happen within a few years. So make everybody double im hustle, no play play for dis country.

[Pi-network314159]

My question to all what if this naira currency takes it shape today what is ur fate what will you say you have benefited from when it was high, cause I still feel that lots of people don't have any savings at all so what will be the difference between you that is earning in dollar and has no savings and a person earning in naira and still has no savings.

There is no benefit I see in the rise and fall of fiat, because if the price of $1 = #1800 today, and you want to buy anything, you will buy according to the current price of goods maybe 1 bag of cement is #10000 when $1= 1000 it means that if the price of fiat has strengthened against dollar, that same 1 bag of cement may cause #8000 if the current price of $1=#800 so there is no much difference.

[odunybiz]

My question to all what if this naira currency takes it shape today what is ur fate what will you say you have benefited from when it was high, cause I still feel that lots of people don't have any savings at all so what will be the difference between you that is earning in dollar and has no savings and a person earning in naira and still has no savings.

There is no benefit I see in the rise and fall of fiat, because if the price of $1 = #1800 today, and you want to buy anything, you will buy according to the current price of goods maybe 1 bag of cement is #10000 when $1= 1000 it means that if the price of fiat has strengthened against dollar, that same 1 bag of cement may cause #8000 if the current price of $1=#800 so there is no much difference.

There is no much different for you because you earn in dollar. Do you know people are really struggling to survive with the rate things are expensive. Let's also consider the civil servants which have been on stable salary for long. The naira stability will have a very great impart on them.

[Inior]

Following how the Trading market is becoming very difficult for the Nigerians using naira lots of controversies everywhere from industrial products to farm produce this makes the economy very hard for a common man it now seems like the country is for only the rich cause the common man find it very hard to cope.
But there are still people who are happy because they earn in dollar so for this these set of people have no problems even if the naira currency goes high every second but those earning in naira are in tears so there are alot of controversies.

My question to all what if this naira currency takes it shape today what is ur fate what will you say you have benefited from when it was high, cause I still feel that lots of people don't have any savings at all so what will be the difference between you that is earning in dollar and has no savings and a person earning in naira and still has no

savings.

From a personal perspective , I think the difference that Will exist between the people earning in dollars and naira is that their income is flexible, that is in hard times they have money and good times they have money too, and then just like what I was telling my friends yesterday ," now is the best time to buy naira " because their is a chance of reversal " there for some who start buying into naira now , may even be of a greater advantage, since the price of naira is low they have a higher buying power.
but please do your own research first before making any financial decision.

[HajiBagi]

Following how the Trading market is becoming very difficult for the Nigerians using naira lots of controversies everywhere from industrial products to farm produce this makes the economy very hard for a common man it now seems like the country is for only the rich cause the common man find it very hard to cope.
But there are still people who are happy because they earn in dollar so for this these set of people have no problems even if the naira currency goes high every second but those earning in naira are in tears so there are alot of controversies.

My question to all what if this naira currency takes it shape today what is ur fate what will you say you have benefited from when it was high, cause I still feel that lots of people don't have any savings at all so what will be the difference between you that is earning in dollar and has no savings and a person earning in naira and still has no savings.

Did we know that no matter how dollar price come down for this our Naija things price no go still come down as the way we Dey expect am, na that thing I want make we reason first, na so we go Dey shout say na because of dollar price wey high na e make things price go up but since last week wey I Dey hear say president want make things come down and dollar price come down nothing still change, this our country go Dey hard to change the way i Dey look am because everything no wan change.

And as for person wey Dey earn in dollar and person earn in naira, the difference Dey but e go still affect the both of them, but someone who earns in dollar go change him dollar to naira and still get plenty money because of the dollar wey rise but person wey Dey earn in naira how you do, you no fit spend like the person wey Dey earn in dollar, the reason why I talk say e no go favor anybody be say because if them wan buy something na the same amount them use buy am.

[odunybiz]

It will be good to us as Nigerians. But do you think this is possible as most Nigerians are corrupt and our dialy actions has a great even on our economy as Nigerians. If this eventually happen, it will seriously affect those people travelling out of the country to make money.

[Biggeno]

My question to all what if this naira currency takes it shape today what is ur fate what will you say you have benefited from when it was high, cause I still feel that lots of people don't have any savings at all so what will be the difference between you that is earning in dollar and has no savings and a person earning in naira and still has no savings.

If the naira currency takes it shape back today I guess a lot of Nigerians would be very glad and would also love it when it maintains it for a long period of time because from a couple of stories I heard most parents who send there children to school in Nigeria pay there school fees in dollar, like why? When the so called principals know the naira value is depreciating as compared to dollar and they still want them to pay in dollar.

As it stands now in this country, you can hardly point out an average man, is either wealthy or poor that is where this whole currency value has lead us to, as of today I'm making this post I'm glad that at least naira is gaining it shape as it has come down from 1600 to 1450 per dollar, but we still pray for the best

[EarnOnVictor]

My brother, it's not only the poor feeling the heat now, the rich are feeling it also since we buy from the same market. You can see how some rich people and celebrities are lamenting these days. The gist is that they could have been servicing monthly bills of about N12.5m before but could have increased as high as N70m now, or more. Not to talk of dependents that are dragging them back and forth. It's all of us who are feeling it, and there is nothing like a nice and stable economy.

But for those who are earning in dollars. I mean those who are earning it so well, such can't feel it much, that's if they are feeling it at all. After all, the majority of the issues causing hyperinflation are hard currencies initiated. So, if you are earning your money in Naira, no matter how rich you are, though you may have enough to depend on, but not feel it cannot be possible.

Finally about your question, first, it's so bad that you earn and do not have savings, it's a big shame for that person. In such a case, you do not need a seer to tell you that such will suffer if the money ceases to come anymore. And if the Naira stabilizes, there is no way it can affect the people earning in the USD. Your fear did not even happen when the Naira was still very valuable, it will not happen now that hope has lost. For this, life can still be good for those who did not save but still have the earning means in dollars. As a matter of advice, those who are saving will always be better as we always know it, we should encourage such habit.

But let me warn you before I go, nothing can return the Naira rate to the level you are thinking of, and don't let this recent government clampdown on exchanges and BDC affect you. This is not the first time and will always be preferable to save in dollars and not Naira if you have the opportunity. I wonder if the Naira can ever hit N500 to $1 again.

[Stable090]

But there are still people who are happy because they earn in dollar so for this these set of people have no problems even if the naira currency goes high every second but those earning in naira are in tears so there are alot of controversies.

Everyone is being affected, either you are earning in dollar or you are earning in naira, if you are earning in dollar and you think you think you are not affected, then go to Market and check prices of food items, then if you think about it, you will know you are affected. What you will buy with 1 thousand Naira before, before you go fit get am now, you go hold like 5-10 thousand Naira for hand, money no get value again, things are really expensive right now, so people earning in dollar are not really benefiting also, just that they are better than people earning in Naira, most especially people in government job receiving salary, because things are getting expensive, and their salary is not increasing.

So even if naira take shape, me I no go talk say I benefit anything because when it was high, things added money also, so even if you convert dollar to naira and your money plenty, if u carry am enter where you wan buy something, you go see say u no fit buy better thing with am.

[Obim34]

We should be mindful, earning in Dollars is surely a bit better than earning in Naira but also depends on how much you get paid at the very end, despite earning in Dollars they still feel the inflation of price on goods and service so I hardly believe they don't feel the whole tragedy.
If Naira retains it's value then means the cost of everything will come down, it's not a bad improvement. Those who saved in local currency will see enough benefit but first, let's watch and see how they regulate everything.