1. Prices of things will keep rising:
Let’s say Company BBB uses N1000 to buy raw materials from other countries. Now he has to use N1700 (Because what N1000 could buy from ‘abroad’, now it is N1700 that can buy it), who do you think will pay that extra N700. You of course! That N700 will be inserted into the price of BBB’s products. Price of rice, soaps and milk will ‘add money’.
2. Many of your friends will lose their jobs:
Because BBB wants you to continuing buying its rice, it will look for a way to make sure price of rice doesn’t ‘add too much money’. How do they do this? One popular way is to make Tunde do the processing work that Tunde, Wale, Ngozi, and Shade would normally have done together. They would then sack Wale, Ngozi and Shade but instead of increasing Tunde’s salary, they would either save the salaries they should have paid the sacked people and use it to offset some of the costs in other to keep prices down.
An Example of this is Shell cutting 6,500 jobs as oil price slump continues...
( http://www.theguardian.com/business/2015/jul/30/shell-to-cut-6500-jobs-due-to-continuing-oil-price-slump )
3. Costly social amenities:
No more paying N500 to see the doctor at UCH or UBTH because the government will tell you one story about subsidy and how it cannot maintain ‘these’ structures. When you need to see the doctor, hold half of your salary in your purse.
4. No new jobs:
The people that were looking to build hospitals, schools, shopping malls, in the country will run away in order not to lose the money they wanted to use for these things. They most likely will go to another country where the currency isn’t losing value and amenities such as good roads and electricity can be gotten at very low costs. Even some companies that are already here will close up and run because you are not buying enough of their products and government is killing them with high taxes still. Which means that your now jobless friends will find it extremely difficult to find new jobs.
5. You will re-evaluate your spending habits:
As prices go up, you’d re-examine your spending habits. You’d suddenly notice that there is something called firewood to replace kerosene. You may decide not to buy BBB’s milk and instead, switch to DDD’s cheaper milk. You’d realize that there’s no need to go to a faraway church when there’s a branch, albeit a small one, close to your house- because transport fares have tripled. You’d switch off the source of electricity to your apartment every time you step out. Even when at home, you’d switch the fridge off once it gets cold enough to keep your food. Buying of fancy wristwatches, shoes, cars will be put aside for the far future.
6. You’d learn new habits:
The flowers and lawns in your compound might have to be replaced by rows of corn and tomato plants- why use big money to buy when you can plant it for free. The ‘head’ of yam will not know the dustbin anymore- it will find its place in the soil of the small make-shift farm at the backyard.
7. Crime will increase:
Because some people are greedy and cannot adjust their lifestyles to fit, will seek criminal ways of meeting their needs.
But then, some positive things may yet come out of this current predicament. The country might shift its focus towards agriculture andppw
tourism and we may yet again grow.
-Aito Osemegbe Joseph
Source:https://www.linkedin.com/pulse/what-naira-devaluation-means-average-nigerian-entering-aito?trkSplashRedir=true&forceNoSplash=true.
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