The Ability To Earn In Dollar($) And The Luxury Of Spending In Naira(N) From A Nigerian Perspective

INTRODUCTION

Firstly, as a Nigerian, I am sure you are not a stranger to the fact that minimum wage as always been a disturbing problem for both the Government and the Citizens of Nigeria. Even gamers, most especially chess players are excited by the idea that prize money of certain tournaments are now equated to the current value dollars. Enough of the leniently intro, but let me inform you, in this article i will be talking about dilemma we face on a regular basis just because we use a currency called "naira" in an economy filled with debts, poor reserves and a declining revenue but most importantly, I will also elaborate on the solution to this dilemma.

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Minimum Wage is a Disturbing Factor

Let's get down it. As I stated ealier in this post, minimum wage is a disturbing factor for Citizens and their Government. This is because as a Citizen, we are either paid an amount that is extremely minute in comparison to the amount of effort the job requires or something close to peanut, which is even unspeakable. For example, my mother's land Nigeria, where the average individual is entitled to a minimum wage of 30,000 naira, which is equivalent to an estimate of 52 US Dollars using the Binance P2P exchange rate. But let's be honest, how many individuals are really paid that amount. Some are either underpaid or not paid all. Under the Administration of the Federal Government, the minimum wage was implemented, thereby placing every Nigerian worker, both public and private on a minimum wage. But here is the irony of it all, the same government responsible for the implementation of the minimum wage, which they believe serves as a helpful factor to the Nigeria citizen, are still the same individuals that keep us in a deteriorating economy due to their consistent loans from foreign countries and bodies, after embezzling the initial funds at first. Just as renowned Nigerian Blogger, @josediccus said in his post The Most Dominant & Erroneous Economic Discrimination

Most Third World Countries are actually not poor, the unfair distribution, mismanagement and embezzlement is the where actually makes it so, so while a lot of people are actually not poor, not having the right government provided platform and opportunities makes them bereft of the ways to actually creative value that is exchangeable for money. This creates a wrong notion that people are lazy and not willing to work.

In other words, @josediccus simply shares light on the fact that the description of Third World Countries as poor is actually wrong because these countries are actually blessed with natural resources and minerals that can sustain their citizens and generate wealth for their country as well. But the main issue is the unavailability of good governance and the right government platforms and opportunites. This also helps to buttress my point that Nigeria is a blessed with resources and adequate manpower but we are just in the hands of bad governance.

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A Constant Depreciation in Currency

Aside from suffering from low income as a Nigerian, we also have to endure another dilemma of a depreciating currency. On a regular basis, we wake up to business news informing us about the depreciation of the naira in comparsion to the dollar, due to
A Global Dropping in the price of Oil, which serves as our country's main source of exportation and revenue.
An Unknown Direction in the movement of the Nigerian Economy.
And the poor availability of Dollars in our Foreign Reserves.
These factors and many more have served as the reasons behind the unpleasant inflation in the price of good and services. This is due to the fact that Nigeria as a country suffers from a negative balance of balance, which means as a country, we import more goods than we export. Moreso, the payment for every imported goods is done using the dollar and not our naira currency. Thereby requiring us to convert our currency into dollar before we can pay for any imported goods. This simply means if there is a depreciation in the value of naira, we simply have to pay more naira before we can have a dollar in our possession. In March 2021, the Nigerian inflation got to its peek of 18%, meaning the price of products in Nigeria rose by 18% the initial price. It is even more alarming to know that as of 2015 the exchange rate of a dollar to naira was 197.3 naira, then fast forward to 2021 the exchange rate has grown to 410 naira according to bank rates. This alone shows how the country's economy has deteriorated significantly in the space of 6 years.

The fear of this problem has led Nigerians into a brillant decision of saving and investing in foreign currencies rather than the naira. It has even brought about the opinion that is better to keep their money in a currency that is more stable rather than a currency that depreciates regularly. This idea alone has made it more skeptical for Nigerians to safe money in Nigerian bank account, since banks make use of naira. The adaptation of dollar-based wallet, crypto wallets and other means of storing foreign currency is now a universal phenomenon. I must say this is a smart solution but not the best solution. When trying to solve a problem of insufficient fund, it is best advice to create more streams of income in a currency with strong stability, which helps to the exclude the problem of depreciation in value. As of today, most billionaires, CEOs and other successful individuals are not just rich or extremely wealthy because of the money they spend or the money in their bank accounts, rather they are wealthy because of their large streams of income. In the words of Thomas J. Stanley,

wealth is not the amount of money you spend but it is the amount of money you make and keep.

The Solution

The solution to the financial problems we face in Nigeria is to increase our ability to earn in dollar. Then what other way can we do this than becoming an active member on the Hive Blockchain. On the Hive Blockchain you are given access to various communiites that are mainly built to reward content that best helps to promote the community and foster unity. Also the platform's rewards for good contents, which could be a video or a write-up, can enable anyone to make up to 60 Hive Dollars and more which is equivalent to the actual value of the US Dollar, all depending on the quality, hardwork and even engagements on your work. If you do the math right using the current Binance P2P exchange rate, you will discover that a Nigerian stands a good chance of making more than the actual minimum wage implemented by the Nigerian government.

In Conclusion....

We all need to create more source of income if we really want to be ahead of the financial struggles we encounter under the Nigerian Economy.

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_{The Image sources used in this article have been stated. Designs were done using canva}

Thanks For Reading!

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