11. Falling exchange rate
The rate of exchanging a dollar to the naira is appalling. It is biting hard on businessmen and women alike. Goods and commodities which could benefit Nigerians if imported cannot be brought into the country due to the high exchange rate. No country will achieve industrialisation and development if the dollar is exchanged for over two hundred naira. Some businesses are closing shop due to this. They can no longer be funded. International business transactions and foreign investments are dwindling because of this. The multiplier effect of high exchange rate is that the final consumers always cough out higher money to buy goods which could have been bought at cheaper price.
Source: Naij
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