The Call for a Fixed Exchange Rate

Image result for exchange rate dollar to naira

 

 

Nigerians economy is going through deep recession. Since the fall in global crude oil prices from above 100 dollars to below 50 dollars. Pump fuel prices has skyrocketed locally from 97 naira to 145 naira (97naira is the equivalent of 0.31 cent and 147 is 0.47) in the current exchange rate. Someone with the US dollars might think this is cheap.

Truly, it is not,  because many people live in absolute poverty and can’t afford food at the WHO target for poverty line. According to the WHO current index for measuring poverty line. It says that people  living less than 2 dollars per day falls under absolute poverty instead of relative poverty. In the developing world this is a common issue as many people are poor.  Although we are not here to discuss about poverty however it could be said, that there is a positive correlation between exchange rate and poverty .

The devaluation of Nigeria Naira has cost Nigerians a lot. Although the plan was to encourage domestic goods but look at the economy the government are not putting all hands on desk, they are slacking and everything has falling apart.

The exchange rate to the dollars and the high inflation is causing  serious headache and stress to the people. Nigerian don’t have control on the dollars .Therefore, the few parasitic rich are the ones benefitting from it.

The reason why a fixed exchange rate will help our problem is because it will help allocate foreign currency and also encourage productivity in the economy and as well bring a positive outcome from how the dollars was previously handled.

Advertisements

7 thoughts on “The Call for a Fixed Exchange Rate

  1. Generally I don’t read article on blogs, but I wish to say that this write-up very forced me to check out and do it!
    Your writing taste has been surprised me. Thank you, very nice article.

    Like

  2. Hey! Terrific blog! I adore how well you talked about The Call
    for a Fixed Exchange Rate. Fantastic, I’ve never thought that somebody will certainly come up with
    The Call for a Fixed Exchange Rate the reason is. With thanks!
    It was pretty fascinating discover .
    A shame I’m not really accomplished at typing, specifically in instructive producing.
    That’s reasons toI usually condition papers via quite a number of writing articles outfits
    .
    It is an extreme main problem although there are
    can be particular testimonial websites, such as the one you can check out while right-clicking this important back-link Cathryn, wherever freelance writers in addition to
    users observe countless generating care to help those who will be looking
    for educative making boost

    Like

  3. After looking into a handful of the blog posts on your web site, I seriously appreciate your technique of
    blogging. I added it to my bookmark website list and will be checking back in the near future.

    Take a look at my web site as well and tell me what you think.

    Like

  4. Good day! Terrific posting! I love how well you mentioned The Call for a Fixed Exchange Rate.
    One another outstanding article straight from impressive
    founder. Appreciation for the public blogs! It is always worthwhile to understand you
    actually articles.
    This is actually the allow some papers advice about the way you can establish
    ability as a copywriter? I am dreadful as a writer but also it’s certain difficult provided that instructors in the higher education commonly give
    to us marketing responsibilities .
    Since i don’t know it doesn’t matter if I could have to cope with concern with no internet
    site Christin. The for this net site leads to
    terrific review sites many tabloids authoring services if you need to
    help out consumers fight shy of scams and find ideally online
    businesses

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s