How To Solve The Dollar Crisis In Nigeria As $1=N1500.

Lagos the economic capital of Nigeria at a time when $1 equates to N1500 worst in history and in early 2024.

HOW TO SOLVE THE ECONOMIC CRISIS IN NIGERIA.

Let go straight 

Nigerian economy depends a lot on dollar due to foreign investments in the country where these foreign investors own accounts in Dollars likewise Cameroon banks don’t permit dollar accounts. So there is no fluctuations in CFA as the case of dollars making Naira a shitty currency as we speak $1= N1500

The Nigerian central bank is made up of a handful of gangs that doesn’t want to release these dollars and because the dollar is scarce these criminals keep increasing the buying price that’s why the same $1 which was at N700 is now at N1500.

They sell these dollars only to a few people and these few people keep spreading the news that there is no dollar and for me to sell this dollar, my $1= N155 do you agree? Yes or no? As people agree, the economy keep decaying and prices of basic commodities keep rising.

A bag of rice now in Nigeria is N 100,000 and a litre of fuel which was at N180 is now at N1000. How do you survive in such economy?

Those in online purchase or students paying their tuition abroad will have to release huge sums of Naira which will just equate to a few dollars or Euros.

This means that for a Nigerian to benefit from this situation especially those living abroad right? They should send dollars or Euro back home and exchange them to Naira cash or fiat but hide the money somewhere not in a bank because it might still drop in your account. Now when the economy will be stable or when dollar will drop back to N700 you will remain a wealthy man.

E.g Emeka has 10,000,000 fcfa in Cameroon. If he converts to Naira he will have 25,000,000 Naira as we speak. Exchange it and keep it because the dollar rate can drop any time as the economy becomes stable and you will be very rich.

Now the government of Nigeria should clean the corruption agents in their central bank and make Naira a standard currency for both local and foreign investors. This is where insecurity and other malpractices infiltrates a country and renders it unfit for human survival pushing the youthful population to emigrate to different countries for survival.

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Foreign Exchange analyst

Rooney Nshing.