Nigeria's economy is still facing a dip.

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On a trading and investment level, we already know that cryptocurrency is volatile. The good news though is that this wheel of volatility we see in Crypto can boost the value during a bull run. Those that have experienced this have a lot of stories to tell.

On the side of banknotes (with emphasis on Nigeria's local currency), what we've been getting since I learnt how to spell my name has been a consistent depreciation of the value of the Currency.

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I've lived through so many fiscal and monetary policies. A lot of ministers of Finance and Central Bank governors have been allowed to come up with a strategy that can revive the currency, but the currency appears to be facing a huge dip.

What is wrong with this currency?

Does it mean that all the financial and economic experts we have are incapable of doing something to save this currency?

I've been reading a lot of articles this week about the wreck our currency is facing. Different people say different things about what they think is the issue and what could be done to save the currency.

It's not a surprise because the easiest thing to do is talk about loads of errors in our currency and economy but, that doesn't tell the whole story. I believe it's so much deeper than that.

Politics is hugely at the epicentre of everything wrong with Nigeria's Currency. The type of people we have in strategic political positions have proved to be more concerned about their coffers than the improvement of the currency.

Make no mistake about this; we've had moments when our currency moved up in value by 2%, but that usually serves as a signal for a bigger crash in value. At the moment, Nigerians are desperate for policies that will save our currency and increase its purchasing power.

Sadly, the gradual collapse of our Currency is already at the heart of everything that is going wrong for Nigeria's economy. The economy of the country is getting chaotic!

Any idea of how people can cope with this unfavourable economic situation?

Thanks For Not Missing Any Full-stop Or Comma
Thumbnail Image taken from pexels

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I will guess and say that the economists and others in charge of monetary policy there practice some form of Keynsesian economics.

Although this is the dominant form of economics practiced by governments worldwide, that doesn't necessarily make it the best; it just means that it is well-suited for "the state" rather than "the nation" (government rather than The People).

It's a flawed school of economics, but it's so entrenched in societies worldwide that it doesn't occur to most people that other schools of economics exist.

Combine Keynesian economics with some form of leftist politics, and the end result will be misery. Even the US is afflicted with this school of economics.

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You are spot-on with the observation. A really good example is that the new idea our Central Bank governor and his cohort are cooking up is to rebrand the currency. Just to change the design and graphics of the banknotes. Stuff like that.

The new brand we are using is not even upto 15 years old because I can still recall when it was redesigned. The currency is already losing the Naira vs Dollar war. The value is becoming valueless in international market. Yet, the only thing the government are trying to do is redesign the banknotes as if that will make it more attractive to players in foreign exchange.

This particular idea of theirs is a recipe for disaster.

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I really do not know what's going on coz it's like every week we get a depreciation and this is killing the economy and every citizen.
Everyone is affected.
I pray we get over this before it becomes too unbearable

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Yeah. And this is not going unnoticed because the cost of living is soaring higher with each passing moment.

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An important post! It was interesting to hear you speak about it in PYPT, thank you for sharing 😁

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don't laugh at me... but i'm leaving my comment for your #3 podcast here LOLOL
because I want you to have a comment on it - hahaha but you don't have a blogpost for it lol

It's sounding SO good - so professional!

here is just one tip - if you can fade out the music at the end, it would sound nice! it cuts off abruptly, but see if you can add a fade in/fade out :)

i loved the content of it too - being willing to try, and grow. just like we are in podcasting! very proud of you for taking this step!!! but it doesn't surprise me at all, you are always willing to push beyond and be brave :)

can't wait for more!

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Ooopppsss. I need to do that. Haha. Anchor doesn't have all the necessary tools for editing audio on mobile and I just released the 4th episode although it's yet to appear on the Mega feed.

I will apply the fade-out feature to all other episodes I will be recording before importing the file to Anchor.

Thanks so much for the feedback.

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