In reality, if ₦1 = $1, Nigerian goods would become more expensive for other countries to buy. That means fewer exports, less foreign income, and job losses in industries that rely on exports.
We don’t need ₦1 to be $1. The current exchange rate is just fine.
Many Nigerians believe that if ₦1 were equal to $1, imported goods would be cheaper, traveling abroad would be easier, and Nigeria would appear “richer” on the global stage. Sounds tempting, right? This magic… pic.twitter.com/WkpOKKmoD2
— Isaac Olatunde (@_iOlatunde) April 9, 2025
Many Nigerians believe that if ₦1 were equal to $1, imported goods would be cheaper, traveling abroad would be easier, and Nigeria would appear “richer” on the global stage. Sounds tempting, right? This magic is what many Nigerians wanted
@officialABAT
to do.
But here’s the truth: This would make things worst for us.
In reality, if ₦1 = $1, Nigerian goods would become more expensive for other countries to buy. That means fewer exports, less foreign income, and job losses in industries that rely on exports.
With fewer exports, demand for dollars would increase as Nigerians seek foreign currency to import goods, travel, or even save in a more stable currency.
This sudden demand could drain foreign exchange reserves, causing the naira to lose value quickly. As the naira weakens, inflation skyrockets, and suddenly, food prices, fuel, and everything imported become way more expensive.
So, while ₦1 = $1 may sound like a good idea, it could lead to hyperinflation and make life harder for Nigerians.
Let’s stick to a more sustainable exchange rate and focus on growing our economy the right way.