I saw a post on Instagram about how because 2 million dollars is now 1 billion naira, a lot of young billionaires will be emerging in 2022 in Nigeria and that could be true if you earn in dollars.
With the way Nigerian’s economy is heading, there is a lot of uncertainty in the future and I know a lot of families that are barely even surviving right now. As of this morning, the foreign exchange market says that a dollar is about 412 naira and on apps like piggyvest you could purchase a dollar for 565 naira.
Now due to these factors, there has been a spike in the cost of living in Nigeria and most people can’t even afford to eat three square meals even if they wanted to. The sad part of this is that with this inflation, minimum wage still resides comfortably at 72.89 dollars which is 30,000 naira only and it doesn’t look like that would be changing anytime soon.
With 33.3% which is 23.2 million out of our 70 million citizens unemployed and this number ever-rising, you would realize that there are serious problems that we might be facing in 2022 and due to lack of jobs and the government frustrating business owners with their new laws, the crime rate is gradually spiking and the living conditions are getting worse.
Now if you have the privilege to earn in dollars while in Nigeria, I bet that you wouldn’t be as affected by these circumstances, and if your cards are played right you might be one of these emerging billionaires but I think only about 5% and this is me being nice would have this privilege so what happens to the rest?
It is clear that at this point if you are a Nigerian living in Nigeria, the best solution would be to figure out a way to earn in dollars, and luckily we have platforms like Hive, YouTube, and even remote jobs that have made it easier to.
As much as I want to end this by saying that it would get better, I know deep down that it wouldn’t be happening anytime soon so the best thing to do is prepare for the worse, especially if your plans do not involve leaving the country.
Thank you for opening this box of passion
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You're very right. Nigeria gets worse by the day. I look forward to the great future which is Hive tho. Thanks for sharing.
I hope we all have a great future here on Hive
You are right buddy. The economy has really taken a bad turn but I do hope, and earnestly too that something drastic, something positive will happen to turn the tide around.
You've said it all, find a way to earn in dollars if you still reside in Nigeria, the foreign exchange will boost your income. I pray for the best for Nigeria really. I see a better future.
We can keep praying for a better Nigeria but we still need to figure out what would happen next because clearly, our politicians do not care.
You are right.
#POSH
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I would love to see Nigeria prosper further than it already has in the recent 100 years. The people of Nigeria should be able to feel economic freedom. I hope that the good people of Nigeria can grow through this and that the country can further prosper.
Sadly this might not be the case anytime soon.
Economic freedom seems like a far away dream
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I think the world over economies are struggling, but in Nigeria it seems very bad, hang inthere and good luck on hive
Found my way here from #dreemport
It is very bad here and it is not looking bright at all.
Thank you for reading.
thats sad to hear
It is said that everything meaningful has to come from being away from naira and its currency. And you are right, if you earn in naira, your millions aren't much worth and would not be able to compete internationally. To make it bigger, we must earn in foreign currency.
For now, it is where we have found ourselves so the best solution is earning in a different currency.
Nigeria is currently in a mess and the only people enjoying this country at the moment are the politicians and those that earn in dollars..
Because of the high rate of dollars to naira, things are very expensive in Nigeria.. I just hope things get better..
@dreemport directed me to your post
I don't think it would get better anytime soon though.
Thank you for reading
It will get well soon, I believe in Nigeria.
You are believing for the both of us then.
Yeah ☺️