Naira not Smiling as a Dollar approaches 500 on Independence Day.

As the Nigerian currency (Naira) is facing rapid devaluation, the Nigerian Naija itself is frowning. As at today I discovered the dollar to Naira exchange rate is at about $1 to about N500. In the major BDC (Bureau De Change) market in Nigeria, dollars can be bought at around N485, while it is being sold at about N495.

   When I looked back at how much a dollars cost last two years, I can't help it but be so pathetic of the economic situation. Even as Nigeria celebrate 56 years of independence, her tears are still fresh like it is still yet to regain her independence. Inflation is about 3 digit, unemployment is rising, economic growth is in a reverse order, the Naira itself is loosing it stand and value.

   If Nigeria was an exporting country, the possibility of the economic shock and the devaluation in the value of the Naira might not possibly be felt, but Nigeria has decide to be an import dependent nation, where even a common match stick has to be imported.

  Well, may God put a smile on the Naira and Nigerians at large.