At this point I think it would be fare and unbiased to say that MONEY HAS FAILED, it so got to me that I was so angry and frustrated at the same time, lying in my room I have was so hungry, it's not like I don't have money on me, but it took me over an hour to figure out what to actually buy with the money, dozens of options were running through my head, looking at the money in my hands and how worthless they were made it all worst, that evening I had to take a long walk and back to finally settled in in what I want to buy for dinner.
The previous day I had withdrawn 5k from my account with a specific plan in mind on what to use it for, after i went out and return I found out that I haven't done what I actually wanted with the money and the whole cash was literally finished, I'm like what exactly did I buy, nothing tangible but yet a whole 5k was gone just like that...
Just in my hands are some of our lowest denominations ranging from 5 naira, 10, 20, & 50 naira respectively, but as at the time of writing none of these currencies in my hands can get you something worth it, right now 5, 10, 20, except for the 50 naira which too will soon fade out, these denominations have all lost, totally lost their purchasing power, like there is nothing you can buy with them right now...
One time I was listening to @veryDarkMan one of Nigeria's socialite media talker narrating about how bad, like real bad the economy is, here's what, he said how well you know the STRENGH of any economy is in how relevant their lowest currency is, in some western countries even some part of African countries they're still using their coins to make purchases that means a unit of coin still has it purchasing, and can get you it's value worth of something.
As it stands the least thing you can get is from 50 naira, the rest are worthless, this is so making cost of living so high and harsh on the common man, everything single thing is constantly on the high side, everyday is a persistent increase in the cost price of every goods and services, those it sounds like we're in a hyper-inflationary period? Yes.....
Primarily the Nigerian naira (NGN) and economy is pegged to the dollar ($) even some of it's highest commodity in the country can only be bought and sold with the dollar, the crude, petroleum products and others too, and the economy is largely dependents on crude export and sales, so with that, if the dollar fluctuate so those the economy.
Right now the people are in serious jeopardy because of someone's incompetent and negligence, doing the wrong thing in the wrongest times is what has led us to this tagic fall, the economy is in it's all time lowest form, our currencies has so lost their true value because our economy choose to rely on foreign imported products instead to channel resource in developing and setting up viable working industries which is the only alternative to revamp the economy, but no they choose to spend extravagant sums on government expenditures, and looting as much as possible, meanwhile the poor people who pushed them to power are out there lamenting and shading tears for the wrong they did, exercising their only franchise of voting the right and credible personalities into power but their entire dreams was looted and shattered
Thank you so much for sharing, people living in Western Europe/N America have no idea. Well at least in living memory. No wonder the Nigerian govt are desiring to ban crypto but msny smart Nigerians have been rushing to cryptos as the domestic Naira currency has plummeted in value. They are in the top twenty countries in the world for the % who have become holders of crypto. According to the Financial Times and others, apparently the Nigerian govt asked telecommunications companies to block citizen internet access to several Centralized crypto exchanges, including Coinbase, Binance and Kraken. Coinbase later disputed the reports, saying that as far as they knew, Coinbase remained available to Nigerian citizens.
This is so true just last week @uyobong reveal same info to me, about our government clam down on crypto, cutting of access to these centralized exchange sites.... It's really taking a toll on us all and it's not funny any more... Thanks for reading I feel excited
Does Nigeria have a central bank? who runs it?
Of course we do, but it's not about money... It's about the economy, money gain value or devalue according to the workings of the economy
It matters who is printing the money.