Dollar at 800 naira per 1 dollar, What next?

Nigeria is in chaos at this time, and it is affecting everyone. It is hard to turn a blind eye to the occurrence, and it is also impossible to shield away from it. While the height of insecurity in the country continues to increase, the one which cuts across the lots is the high inflation rate affecting the whole economy.

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Many issues are in circulation, but it will be hard to deny that the rising dollar value against the naira remains the primary cause of concern. The dollar was around 400 naira at the start of the year, and at the end of October, it had already done an X2. While everyone seems unhappy about the news, there is no denying that the Nigerian government has done little to nothing to overturn this thing.

The current CBN governor continues to shy away from his primary responsibility, ensuring that inflation is in check. Also, the country's currency is not depreciated in the foreign market. Instead, he is focusing on redesigning the Nigerian currency, which will cost the country an additional significant amount of money. Just to think that this same man also wanted to run for the office of the Nigeria presidency. What a shame.

In light of the recent events, here are the top things to expect as a dollar hits 800 per naira:

1. The rate will continue to increase, and the reason is simple, The Nigerian government, through the CBN, is doing next to nothing to avert the situation. it is a significant cause for alarm.
2. Inflation will further rise: The cost of living in Nigeria continues to rise and with this latest development, expect things to go from bad to worst. Food items continue to climb in price, and getting quality things in the market is a tough ask.
3. The Interest rate will increase: The CBN will try to combat inflation by increasing the interest rate in a bid t curb excess money and reduce the money in circulation. However, this is not the solution to the problem. The government needs to act way beyond that by putting in place policies that will help the country out and also, in a way, push the value of our currency a bit higher.

What can do in these times to prevent ourselves from fully getting burnt by the high inflation rate and as the naira continues to rise against the dollar:

1. Exchange and keep your money in dollars. Convert your naira to dollars and wait to see how things play out. By doing this, you will also combat the rising inflation rate as your funds are also in dollars. You can buy Usdt or Busd; this is the crypto equivalent of dollars
2. Do not save; instead, buy the things you need as soon as possible, as the likelihood of these items increasing is very high. Your purchasing power is also a bit limited by the outcome of this naira depreciation.
3. Invest if you can, but remember, never save and if you must do, save in dollars.