I'm pleased to be here again to share with you what I perceived in mind concerning the current changes that has made our currencies to become worthless. I discovered that the more dollar worth, the lesser our local currency.
The Effect of Inflation to out Local Currency
First we have to look at the meaning of inflation before looking at its effects to our local currencies. I see inflation as a change of increase in the prices of goods and services in the economy. This increment in prices affect our local currencies thereby making it worthless.
Today we can not boost of having a #1,000 because the money has no intrinsic value attached to it, due to the high cost of goods and services in the economy. Many person's have stored money for themselves to be used even with their unborn generations to come. This is very bad as they exposed the common man to suffering by making them not count in the society.
The Nigeria government felt changing the color of our local token will solve the problem we are facing via inflation, they now make provisions of changing the colour of our local token. This has brought more poverty to her citizenry. The price of fuel has increased, transportation has increased and the cost of living is very high, this is caused by the current changes of the token colour in our country. Those who have stolen huge amount of money don't know how to go about changing the money and this has really shaken our economy and making things more difficult for the common man to survive.
Just for a start of the new currency, we had series of counterfeit among the newly printed currencies. This is because of the high cost of living in the country and the government has not thought of making provision for a common man, this has cause many to forged this currencies in their homes.
All this has happened because of lack of good governance and selfish interest of our leaders. If our economy must be stable, the leader must have his people at heart and the country's bag of gold must be retrieve back to give our currency the backup power it desired to stand the taste of time.
Thank you for checking on my blog and feel free to tell me on the comment below the rate of inflation in your country and whether it has made your currency to be more valuable and what it has caused your economy so far.