From N150 to $1 to N800:$1, Nigerians remained in disbelief as they watched the naira weaken and fall over several years.
…until the Nigerian government begins to implement effective policies that strengthen the naira, Nigerian citizens are in for a hard time for the foreseeable future. Nigerians are already trying their hardest to adapt to these unreasonable costs of living.
So yes, we see how the ever-rising cost of living in Nigeria is forcing its citizens to develop coping mechanisms every day in order to survive. However, when it comes to the cost of food, the agony touches Nigerians on a different level. Just a month ago, a cup of rice cost about N500. Today, you can’t get it for anything less than N800. The same goes for a cup of beans. The reason this matters is that Nigerians already spend the majority of their incomes on food.
From N150 to $1 to N500:$1 and N800:$1, Nigerians remained in disbelief as they watched the naira weaken and fall over several years and across different governments. And no matter how many governments have promised to turn the economy around, the downward trend has not stopped. Thus, it would be foolhardy to expect that the naira will suddenly reach a new record low, change its mind, and start climbing upwards. No! Unfortunately, it could still get much worse.
At this juncture, it is critical to point out that this is not a justification for crime. Cyberfraud, ritual killings, kidnappings, and all other crimes and condemnable and are, in fact, mostly caused by greed. What this argument simply aims to point out is that when a government repeatedly makes poor decisions, it accumulates and creates a harsh environment that will inevitably enable the worst of human nature. Nothing justifies these wicked acts.
For starters, it would seem that the ever-weakening naira has defeated the conventional wisdom of “delayed gratification”. If everything gets more expensive, waiting to buy automatically becomes a bad financial decision. For the foreseeable future, it is probably best if you purchase everything you want to buy as early as you can, rather than delaying and paying more for these down the line.
Also, since the majority of our incomes are spent on food and non-alcoholic beverages, it is recommended that Nigerians start to make their purchases in bulk. Cutting down on unnecessary expenses, such as eating out, also helps to cut costs. Beyond that, Nigerians must take extra precautions with regard to their security and the security of their finances. Not only are ritual killings, robberies, and kidnappings going to go up, but the rate of fraud attacks as well.
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