If not for the resultant effect of the hike in food prices (we don't produce most of what we eat) and some services, I would be glad about the dollar daily rise.
My reason is that Nigerians like luxury whether they can afford it or not. Affordability in this context means being able to pay for it and do so comfortably not do so and be grumbling afterwards. You will see average Nigerians arguing on things like " I don't shop in Nigeria" or bragging about their recent trip to UK or foreign cities. It is believed to be a big deal and of course for gullible ones a measure of wealth.
You will be surprised that average foreign nationals never leave their country except on business or yearly holidays. And when they do so they do it spending their own legal tender which is strong. However Nigerians who make money in Naira choose to convert same to forex and insert more money into a foreign economy than theirs.
A seller of gold and diamond jewellery in Dubai once confirmed that 80 percent of his customers are Nigerians. Average Nigerians have asos, Zara and the likes in their wardrobes and in amazing numbers too.
While am not against anybody personal desire for luxury, It's just a reminder that each time money is invested into forex and foreign economies, their economy prospers and our economy suffers.
You'd be surprised at the amazing tourist sites we have in the country, some talented Nigerian designers and tailors and fantastic footwear makers. Even if it is expensive buy it and support the Naira economy.
Credit : Aderibigbe Brasco
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