Inflation has overtaken Nigeria's market and economy. It is very bad for the majority of people to have money but find that it cannot afford what they want.
Nigerian citizens are struggling with the new rate of commodity prices in the country. Imagine people buying one rubber of rice at the rate of two thousand five hundred naira; this is not fair.
Two weeks ago, NUT and TUC went on strike because of the minimum wage, which is related to the rate of commodities in the country. Although their proposal was accepted, the issue persists.
I remember when Nigeria's currency rate was better than the US dollar. Things were good then, but now things are turning upside down, and the currency rate is now nearly useless. Even if you have the highest Nigerian currency, you wouldn't be able to buy food that can sustain you for two days.
Although, in Hive, we deal with US dollar ratings, which is my own source of income, the rate of Hive has helped me a lot in many ways. However, when you convert the Hive and receive it, the price of the commodities I want to buy is even greater than what I just received from Hive.
The new rate is worsening Nigeria's commodity prices, and there is nothing to do. We just keep trying to survive and sustain ourselves.
Thanks for reading
Image by Jp Valery
