Opinion - If the past offers any reliable data to predict by, then the naira hasn't yet hit rock bottom.
...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.
So yes, we see how the ever-rising cost of living in Nigeria is forcing its citizens to develop coping mechanisms every day in order to survive. However, when it comes to the cost of food, the agony touches Nigerians on a different level. Just a month ago, a cup of rice cost about N500. Today, you can't get it for anything less than N800. The same goes for a cup of beans. The reason this matters is that Nigerians already spend the majority of their incomes on food.
From N150 to $1 to N500:$1 and N800:$1, Nigerians remained in disbelief as they watched the naira weaken and fall over several years and across different governments. And no matter how many governments have promised to turn the economy around, the downward trend has not stopped. Thus, it would be foolhardy to expect that the naira will suddenly reach a new record low, change its mind, and start climbing upwards. No! Unfortunately, it could still get much worse.
At this juncture, it is critical to point out that this is not a justification for crime. Cyberfraud, ritual killings, kidnappings, and all other crimes and condemnable and are, in fact, mostly caused by greed. What this argument simply aims to point out is that when a government repeatedly makes poor decisions, it accumulates and creates a harsh environment that will inevitably enable the worst of human nature. Nothing justifies these wicked acts.
For starters, it would seem that the ever-weakening naira has defeated the conventional wisdom of"delayed gratification". If everything gets more expensive, waiting to buy automatically becomes a bad financial decision. For the foreseeable future, it is probably best if you purchase everything you want to buy as early as you can, rather than delaying and paying more for these down the line.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Nigeria: U.S., Nigeria Strengthen Partnership On HIV, Healthcare InitiativesThe United States Center for Disease Control and Prevention (US CDC) and the federal government have strengthened their partnership to bolster the fight against HIV and advance healthcare initiatives in Nigeria
Read more »
Nigeria: How National Assembly Clerk Violates Nigeria's Code of Conduct LawThe company owned by NASS Clerk Tambuwal was incorporated in 2010 and is focused on 'trading, to carry on the business of general contracting, trading, import, export, general logistics services, supplies, transportation, etc.'
Read more »
Nigeria: Climate Change Poses Risks to Nigeria - Agora Policy ReportAn Abuja-based think tank, Agora Policy, has warned that unless urgent and bold actions are taken, Nigeria risks becoming one of the worst-affected countries by climate change.
Read more »
Nigeria: Climate Change Poses Grave Risks to NigeriaNigeria is facing significant health and environmental threats and risks losing $100 billion annually from the impact of climate change, according to a new report.
Read more »
Kaizer Chiefs open talks with rising African star!Kaizer Chiefs are reportedly pushing hard to land a highly talented rising African star in the January transfer window
Read more »