A high exchange rate for the naira (meaning a weaker domestic currency relative to the US dollar) can have several negative implications for an import-dependent economy like Nigeria :

Higher Import Costs: A weaker domestic currency means that it takes more of the domestic currency to purchase one US dollar. This leads to higher costs for importing goods and services priced in dollars, making imports more expensive. Import-dependent economies rely on foreign goods, so this can result in increased prices for imported products, which can lead to inflation.

Inflation: The increase in import costs can contribute to inflation in the economy, as businesses may pass on the higher import costs to consumers in the form of higher prices for goods and services. This can erode purchasing power and reduce the standard of living for consumers.

Trade Imbalances: A high exchange rate to the dollar can worsen a country's trade balance. When imports become more expensive, it can reduce the demand for foreign goods, but it may not necessarily lead to a corresponding increase in exports. This can result in a trade deficit, where a country is importing more than it is exporting.

Reduced Competitiveness: Domestic industries may find it challenging to compete internationally when the exchange rate is high. Their products become more expensive for foreign consumers, potentially reducing exports. This can negatively affect industries that rely on international markets.

External Debt Burden: If the country has significant external debt denominated in foreign currencies, a high exchange rate can increase the cost of servicing that debt. It makes it more expensive to repay loans and interest in foreign currency terms, potentially straining government finances.

Capital Flight: Investors may be less inclined to invest in an economy with a weakening currency, fearing that their investments will lose value. This can lead to capital flight, which can destabilize financial markets and reduce foreign investment.

Uncertainty: A highly volatile exchange rate can create uncertainty for businesses and investors, making it difficult to plan for the future. This can deter foreign direct investment and hinder economic growth.

To mitigate these negative implications, governments of import-dependent economies like Nigeria may implement policies such as currency interventions, monetary policy adjustments, or trade policies to stabilize the exchange rate and address the challenges posed by a high exchange rate to the dollar.

On ya mandate

New rate will favour me and my family

Country dey choke daily

Don't vote for a clueless drug baron, una no hear word

Let me see if the Tinubu useless and foolish supporters that deceived you to vote him will be around to help you overcome this hard times

Una go hear word

And we never even reach October not to talk of December

How December go detty?

How we want take do detty December?

Abeg o,make Una no let 1 dollar reach ₦2000 and federal government please stop borrowing more money.by the way we're still waiting for the financial benefits of the removal of fuel subsidy

Hampers sellers as December dey approach and we wan enjoy family time please sell Una market with the fear of God.olorun awa pelu Yin

PrinceOfLagos:
Don't vote for a clueless drug baron, una no hear word

Let me see if the Tinubu useless and foolish supporters that deceived you to vote him will be around to help you overcome this hard times

Una go hear word

gbenu oshi lo ko gbenudake.even if it was Broda Obi sitting in aso rock,the same thing will have happened so get over this bitterness and resentment.it will neither help you or anybody Ko gedifok

Tinubu,SW is a Doom.

Look at☹️

SAMBARRY:
:ogbenu oshi lo ko gbenudake.even if it was Broda Obi sitting in aso rock,the same thing will have happened so get over this bitterness and resentment.it will neither help you or anybody Ko gedifok

Ronu terrorists

1 dollar to ₦5000 loading

VeeVeeMyLuv:
1 dollar to ₦5000 loading

God go shame you, it won't exceed 3k per dollar

I hope this isn't true. Tomorrow isn't that far again.

Meanwhile, in 2014;

Hoelujohn:

God go shame you, it won't exceed 3k per dollar

F9 and Fail, what's the difference?

Gas is now 1000#

The current minimum wage in Iran, Islamic Republic of is IRR6,425,496 per month in 2023.

The Iranian rial is the weakest currency in the world, with 1 rial buying just 0.000024 US dollars (or, put another way, $1 equals 42,273 Iranian rials).

Therefore Iran minimum wage in dollars is US$152

Nigeria min wage is just under $35!

Hoelujohn:

God go shame you, it won't exceed 3k per dollar

You know our leaders are fond of comparing Nigeria with countries that are performing badly

Therefore I won't be surprised if it reaches 10k per dollar, if they find out that there is a country whose weak currency exchanges for 15000 to a dollar.

I am just being conservative with the 5k figure

Ebola Bulaba have achieved his record breaking feat

SAMBARRY:
:ogbenu oshi lo ko gbenudake.even if it was Broda Obi sitting in aso rock,the same thing will have happened so get over this bitterness and resentment.it will neither help you or anybody Ko gedifok

Dey console yourself. U de whine Mohammed

VeeVeeMyLuv:
The current minimum wage in Iran, Islamic Republic of is IRR6,425,496 per month in 2023.

The Iranian rial is the weakest currency in the world, with 1 rial buying just 0.000024 US dollars (or, put another way, $1 equals 42,273 Iranian rials).

Therefore Iran minimum wage in dollars is US$152

Ours is $35

If i slap you
Where did you see $35
Nor make me vex for you o
Carry your calculator and try again

PrinceOfLagos:
Don't vote for a clueless drug baron, una no hear word

Let me see if the Tinubu useless and foolish supporters that deceived you to vote him will be around to help you overcome this hard times

Una go hear word

Ok many did not vote for that.
But who are they supposed to vote instead ?

Kukutente23:

If i slap you
Where did you see $35
Nor make me vex for you o
Carry your calculator and try again

If you slap me, I go nod you back (headbutt)
N30,000/1000 = $30 black market rate

Lol 🤣🤣😂

Nigerians are in very deep trouble

Do u think it is lower or higher?

Kukutente23:

If i slap you
Where did you see $35
Nor make me vex for you o
Carry your calculator and try again

At 1000naira , it's just 30$. Wahala for Nigeria.

😢

MXrep:

Ronu terrorists

orire Kope.obigoat

Akwamkpuruamu:



Dey console yourself. U de whine Mohammed

baba re

SAMBARRY:
baba re

Make dem no mistake your moniker for SAMLARRY

Thank you Yahweh because i earn in dollars.

SAGACIOUS jagaban on the beat

On this mandate we shall stand

No retreat no surrender

it is my pleasure to welcome all into this renewed irredeemable shege.

Skyview01:
New rate will favour me and my family

U shall receive it in ijn miracle no dey tire Jesus broda

VeeVeeMyLuv:
1 dollar to ₦5000 loading

Stop wishing evil on Nigeria, dollar can only reach #4,800