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Every country has been hit by one financial crisis or the other in this very year and so far 2022 has not been too favorable to most economies in the world. Even though this all started about the time covid-19 was fast ravaging the several countries, some were able to recover from the effect of the economic shock while other where still in the healing process before this general inflation and economic crisis reenkindled and we are not experiencing some of the worst severe cases ever.

This Inflation thsg is hitting deep in some part of the world can also be associated with various other economic reasons associated with each region..

For this part of the world Inflation has been soaring deep not because of the impact of covid-19 but the countries devalued fiat currency.
Once a countries currency looses it valued against the USD, then it losses its purchasing power and you havr to put together a large quantity of it to buy products or services.

The countries economy is also witnessing financial crisis since most of its goods are imported and since the fiat has lost it purchasing power, you need huge some to import good or even trade within the country.

Most average citizens earn salaried and minimim wages within $72 which leaves them with at least $2 per day for sustainance.
$2 a day that cannot even afford a regular meal.

Rescue strategy

In situations like this, various countries look within to see how best they can arrest the situation but the worst strategy I have ever seen is The one proposed by the Central Bank of Nigeria about redesigning the countries currency.

Does a redesign increase the purchasing power and value of a currency?

How many countries have redesigned their fiat over and over again.

Instead of finding means on how to increase the value or the naira, deal with severe importation and replacing them with more of exportations to generate revenue, the CBN governor believe that a redesign will save the face of the naira.

This is all a money embezzlement strategy as several billions will be deployed into printing new notes that could have been chaanneled and used to arrest poverty.

Its saddening to think that at this age and time we still have dull minds holding power and key positions in the government, very clueless and dealing irresponsibly with the countries economy and I fear that the change and better country we desire is still very much far away.

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