…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. The government must play its part by providing targeted support for lacking populations and executing responsible fiscal management alongside viable monetary policies to stabilise the weak naira and lay a foundation for long-term economic development.
At the time of writing this article, the naira had risen to over N1,230 in exchange for a single US dollar, the highest ever recorded in Nigeria’s history. A few years ago, saying that the naira would ever trade at over a thousand to a single dollar would have sounded like a dream. No one could foresee it. Yet here we are. To say that the fast-rising deterioration of the naira has wrought untold hardship on Nigerians is understating the situation. With Nigeria being a…
