I’m sure you’re wondering how or why Naira is falling by each passing day. The rate at which it changes is very alarming.
Currently $1 equals N710, the reason for the depreciation of the Naira currency is due to the increase in high demand of Naira in the thick of low supply of dollars. It can be said Naira is given out more, Nigeria imports more than export which results to low income of dollars.
This causes inflation in prices of goods as well as services. Goods imported from outside are more expensive therefore the rate of selling them increases too.
This has emerged a major issue of concern for most individuals and operating companies. Cost of raw materials is getting high likewise cost of production.
The national debt has built up to as significantly large amount of N41.6 trillion in the first quarter of 2022
More concerning is the fact that the increasein the money supply don’t appear set to slow down any time soon, despite the fact that they are pushing inflation up.