Will Naira Find Stability in 2024? A Look at the Economic Challenges.

What are we going to do about the current price range? Or, let me see, is there still going to be any change in the current price that Naira has gotten to with respect to dollars? Currently, has been speaking, the current price of a dollar to naira is 1,475 when I checked through my binance and this evening, while I was checking through the crypto market, I Intended to do a trade, which is about some dollars, but the price was approximately 1,500 because it was 1499.9. There is actually no difference in this price from what it was before, and this price is making it easier for one to store naira in large quantities, but is that the safest way one could go through?

I could remember sometimes back when the price of naira to dollars was about 500 and 600, respectively. People do complain about the price of things even at that rate, which has not really gone to her, but what about now when the price has skyrocketed even far beyond what it was? Actually, this price range is a plus for those that earn in dollars or those that deal in cryptocurrency because they will be able to acquire little amount in dollars and much amount in naira but to spend this kind of money in Nigeria will almost be the same thing as the rate of dollars because when you have much naira to spend and the cost of buying is too high, then there is no difference.

When I heard about the current price of this some days ago, I was very shocked because I was not expecting it to have gotten that far, but as it is now, that is what the price is. We all need to survive, whether we like it or not. As the price of naira to dollars increases, so does the price of each commodity, but most people find it so hard to cope with the price of each commodity that gets a hike in price every day.

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Occasionally, once you try to cope with the price range of each commodity, you find out that it is now unbearable for you to cope with it. Actually, the current price range of naira to dollars is to its own benefit because it will really help you have a lot of naira at hand, but having a lot of naira is not like being able to buy things at a cheaper rate. When you have a lot of Naira at hand, you feel so happy, and you are able to sort out some things that have a fixed price.

But trust me, everything that has its own advantage also has its disadvantages, and the main disadvantage of the current price is the hike in the price of each commodity. According to the current rate, you will agree with me that the price cannot be fixed because the market condition cannot be really stable, and the more the market becomes unstable, the more the price will continue to fluctuate and probably increase, which in turn will affect the economic system of the country.

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The fact that most of the commodities in Nigeria are mainly imported makes it difficult to add value to the price of each item because of the importing rate, which affects the price of the commodity. As of this, I was actually thinking food wouldn't get affected in the process, but the least item I could barely think of was cassava flakes, even though the price of firewood got an increase in price. What could be the hope of each Nigerian citizen for this year before it runs out??

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