WHAT IS HAPENING IN OUR ECONOMY? my felow people, how can i answer this question please? luv u all.
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WHAT IS HAPENING IN OUR ECONOMY? my felow people, how can i answer this question please? luv u all.
Nigeria Economy is under threat due to the global financial crisis and economic meltdown worldwide as oppose to what we are made to believe last year that the crisis will not affect the nation.
Stock market prices is continuosly on the deline causing many to loss money on their investment in stock, many companies are reducing their staff strenght to be able to accommodate the problem without going down, Banks are equally affected as most of their billions invested in stocks have reduced in value by about 75%. The nation is not left out as our foreign reserved of about 65 billion dollars as at 2008 has now been depleted to around 44 billion dollars in a couple of months. To curtail the downward slide of our foreign or external reserve, Nigeria government have to devalue naira from N116 to a dollar previously to around N159 to a dolar. This is delibrately done to discourage importation of goods and services so that the country external reserves will not be drastically depleted as it is happening before the devaluation. The implication of devaluation is that foreign goods prices would have almost double in price.
Presently, the federal government has set up an ad hoc committe to look into the financial crisis and make necessary recommendations to them on what to do next.
God save Nigeria!!!