It's disheartening to witness the rapid devaluation of our currency and the immense impact of inflation on everyday life.
The exchange rate at the beginning of the year was around Naira 400 to $1, and now it's well over N900 to $1. The cost of fuel, transportation, and basic goods has surged, hitting the roof day by day.
The struggle is real, and it's not solely due to the current political situation. It's a result of broader economic issues influenced by global financial dynamics. The use of the USD as the world's reserve currency has failed, plagued by inflation, and it's affecting countries like Nigeria, amplifying our hardships.
My family isn't untouched by this turmoil. My father, a dedicated police inspector, and my aunt working in the judiciary, have faced stagnant salaries amid skyrocketing inflation. It's unjust how the system fails to adjust wages in line with the increasing living costs, hitting the hardest on the working class.
To navigate this challenging situation, I understand the need to adapt. It's crucial to develop digital skills to remain employable in an evolving economy. Earning in USD appears to be a way to cushion against the local currency's devaluation. Additionally, looking into deflationary assets like Bitcoin and exploring avenues for passive income seem like viable strategies to protect savings from this inflationary storm.
The fiat system's evident flaws, favoring the elite while burdening the masses, is glaringly unfair. We, the people at the bottom of the pyramid, bear the brunt of these economic issues. It's a call to action to seek alternative avenues to protect our livelihoods in these turbulent financial times.