![424881_7933810_inf_akhbar.jpg](https://cdn.steemitimages.com/DQmcxQQ7mhxVxfvzNtTh4qZ7bhXjMe3W2vHLSRkF57BhDUa/424881_7933810_inf_akhbar.jpg)


###### [Image source](https://www.google.com/search?q=inflation+in+nigeria+currency&tbm=isch&ved=2ahUKEwjm2Pq3-OPlAhUa4RoKHTjgCdAQ2-cCegQIABAC&oq=inflation+in+nigeria+currency&gs_l=mobile-gws-wiz-img.3...12699.14903..15232...1.0..0.254.1963.0j3j6......0....1.........0i30j0i8i30j0i24j33i10j30i10.1kWquTe9JMU&ei=JEPKXea2CprCa7jAp4AN&client=ms-android-transsion-infinix-rev1&prmd=niv#imgrc=7SpGOzG0AG2byM&imgdii=TVaQMHMQiUYmMM)


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Currently the Nigerian (naira) is about ₦362 to the US dollars and before you could finally change the naira through the various means of exchange you'll be getting around ₦350. Throughout 2014 till 2019 the economy has seen inflation skyrocket by a 45% margin and this has brought about a period of recession through which people can hardly buy because means of income remains totally constant  or increase by 2% ratio while the prices of goods and services experiences increase as high as 20%, for example in 2014 I was earning ₦11000 and I could afford to take care of my needs in a month while spending the region of ₦7500, this excluded cost of housing just feeding and clothing and paying for minor subscriptions as well and I'll still have around ₦2500 to save in the bank every month. However in 2016 I got a salary increase in the region of ₦15000 that's about ₦4000 increase in salary but surprisingly I could still only manage to save ₦3000 while spending an increased ₦12000 on expenses just paying for the same goods and services that I use to back in 2014


**This is because there's a larger percentage increase in the prices of goods and services while income experiences quite a smaller Increase.** Normally in a stable economy I will be able to save at least an increased ₦4500 every month due to my increase in income. If you look well there's still the presence of inflation and spending on miscellaneous ventures but the increased on money saved in the bank obviously experiences an increase which was all that matters. But currently this isn't so and when you look at the Nigerian Economic bureau there was a time that devaluation was suggested as a method of increasing the value of the currency but the truth is that devaluation won't work in an economy which the inflation rate hasn't been fixed. For example the prices of (fuel) petroleum experienced subsidisation under the regime of former president Goodluck Jonathan and some middle men and large wholesaler were able to manipulate the market prices to their advantage because of the installation of the subsidy and the price of fuel per liter in 
**2014 rose to an all time increase of ₦750 per litre due to the subsidy and the rate of inflation in 2014 is only being riavalled or equalled by the current regime of Muhammadu Buhari manipulation on prices due to things like closing of the border to disrupt import of goods into the country.**


The Nigerian economy is currently growing but it's hardly developing because currently it's GDP rate is maintaining it's stand in Africa as the topmost only riavalled once by South Africa in 2017/18. So there's the decrease in job provision and an increase in unemployment rate which means the decrease in the national income of the Nigerian citizens in the country while the economy keeps growing because of it's good foreign policy and laws on importations and exportation.  The general well being of the citizen keeps plummeting by larger margins. You might actually wonder why this is so, the truth is that Nigeria mostly earns her money through the exportation of oil which remains the number one mineral resources and it occupies topmost position in OPEC amongst countries like Libya and Saudi Arabia. But this monies that's incoming is hardly used to create jobs that'll directly influence development and the general increase in livelihood.

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![currency_wordpress1.jpg](https://cdn.steemitimages.com/DQmYPCHLCGzyKBjpnT9KjPkX6A4rfc6PqMfoJBqrTfWvSWH/currency_wordpress1.jpg)

###### [Image source](https://www.google.com/search?q=revaluation+of+naira&tbm=isch&ved=2ahUKEwjMiND2-OPlAhUD44UKHT7hDG8Q2-cCegQIABAC&oq=revaluation+of+&gs_l=mobile-gws-wiz-img.1.1.41l2j0l4.38370.39604..41147...0.0..0.489.2206.0j1j5j1j1......0....1.UH4I4Xedl0Y&ei=p0PKXYyZJIPGlwS-wrP4Bg&bih=624&biw=360&client=ms-android-transsion-infinix-rev1&prmd=niv#imgrc=c1b2xoD8exl_dM&imgdii=7icXhL98ZXMirM)


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So currently Nigeria isn't suffering stagflation because the economy is growing hence the stagnancy in the word doesn't come to play, however they're going through a process of infla-recession. I personally coined this word because inflation now leads to recession which is a period in time which people can't buy because of the loss of value in the naira (₦) due to higher percentage of increase of goods and services while having income increase just little or not. Recently South Africa Rand which is the official currency increased in value and this boosted the economy, the people could now buy more buy more quantity with their Income and the purchasing power of citizens became more superfluous making development take places in the lives of the citizenry and an increase in well being.

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## Solutions For Nigeria? 

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I personally think the currency needs to undergo revaluation and not devaluation the reason is because devaluation might bring about a reduced market prices and increase competition in the market but it'll definitely cause Inflation in the long run so using devaluation to cure Inflation is only a temporary measure. But if the nation's Centralized bank decides to revalue the currency (₦). However the reason why revaluation is hardly considered is that it'll decrease the net valuation of the country's cash inflow due to deficit in exportation but increase in importation, this will definitely definitely have a side effect on the countries produced goods but there be a balance. However the goal is to decrease inflation and bring value to the naira because there will be more purchase of the naira in the foreign market. Without a doubt Nigeria's problem is Inflation and this brings recession and a revaluation of the currency is likely to do wonders however there will be side effects