HOW INFLATION IS DESTROYING THE NIGERIAN ECONOMY
I so much understand that the world as whole is been ravaged by inflation,but the situation is more pronounce and more felt in a country like nigeria.the rate at which inflation is going in the country is becoming very alarming and something need to be done urgently. Inflation has hit the country since 2015 but it has become worse this year as the price of everything keeps skyrocketing.
The value of Nigeria currency which is the naira keeps falling against other currencies such.as the america dollar ,euros, yen and pounds just to mention a few.the price of $1 dollar to Nigeria currency is over #500, €1 is equivalent to over #600 and 1£ is equivalent to over #700.this is a very big margin in the exchange rate and it shows that the country is doing well in getting the country unbalanced economically.
This is actually making the cost of living very hard for the citizens especially the low income earners.Few days ago I decide to carry out a survey on the cost of renting apartments in Lagos which is argueably the most developed in Nigeria,my research was based on twenty houses.the cost for a one room self contain was ranging from #350,000-#450,000,two bedroom cost nothing less than #600,000-#800,000 then for the three bedroom flat,the cost starts from one million naira to one million five hundred thousand naira.all this depends on the location of the house, facilities that available such as water,average electricity supply and the how good the roads are all factors that determines how much you can get for houses in Lagos.but the least is #450,000 for a single room self condition,#600,000 for bedroom flat and one million for three bed room flat.all of this is as a result of inflation that is eating the face and progress of the country.
As at last year things were still very affordable,but since the beginning of this year it has gotten to the extent of lamentation.every single day that passes by in Nigeria the cost of things are always increasing.one major problem of this inflation is that there is no much money in circulation there buy resulting more money purchasing few commodities.this is really affecting alot of people especially the low income earners.anothe problem inflation is causing the Nigerian is that it is affecting the rate at which business is been carried out in the country.
It's not all things that the Nigerian money can buy at the present.some Nigeria money such as the five naira note,ten naira and twenty naira can't not buy anything any longer because Inflation has made them useless and invaluable.all that they can be used for now is to make change.
People are employing the approach of minimising the way they spend so that they will be able to meet up with other demands because once sellers put high price on their products,the buyer will be force to consider if they can buy it or not and if they feel the amount doesn't worth they are buying they will leave.this will affect time the sellers are supposed to sell their products.
My notion is that something need to be done urgently because inflation brings nothing but pains and suffering to the people.The earlier this is been look into,the better it becomes for the country.
