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What Every Nigerian Ought to Know About the Ongoing Naira Devaluation

Dear reader,

I’ve been troubled, for a long time, with what is happening to our economy.

It is why I have written this post today.

As at today, according to AbokiFX, a dollar is equal to N318.

This is the same dollar that was equal to N185 around this same time last year and we were still complaining.

Something is looming and a lot of Nigerians are not paying attention to it which is unfortunate because even the CBN has already warned Nigerians about it.

You can read the entire article from the punch newspaper here.

According to the CBN, our major source of international income (Crude Oil) that we heavily depend on is suffering.

Over the last few months, the price of oil has shrunk to about $30 per barrel.

And that is a drop from $84 that it was selling for as at August 2014.

As a result, our Government is earning less money than it used to earn.

The Naira is crashing.

And our government is in debt and practically broke.

You should know from the N65 per ATM withdrawal that the CBN is charging and the recent N50 per deposit charges.

In 2014, a financial analyst on the popular “Today on STV” morning show on Silverbird TV predicted that a dollar will rise to N200 per dollar in 2015.

But today, it is far worse than that.

A lot of people are putting the blame on Buhari.

Some are piling it up on the CBN governor.

But by doing so, they are avoiding the ONE important question they ought to be asking themselves which is:

“How do I reposition myself so that I will be protected even if the Naira eventually crashes to N750 per dollar?”

I am not saying the Naira will crash to N750 per dollar. I am just saying it is a wise thing to be prepared.

If you love yourself and your family (which I hopefully think you do), that question above is what you ought to be asking yourself right now.

You know why?

The reason is because…

Low oil prices and the ongoing Naira devaluation isn’t going to affect the big boys.

It is going to affect the average Nigerian who is not smart.

And the big boys I am talking about is not just politicians.

I am also referring to businesses who know what they are doing and average people who are in control of their income.

Here Are 3 Ways the Ongoing Naira Devaluation Is Going to Affect the Average Nigerian

Number 1 – Higher Cost of Goods:

The higher in naira it costs to exchange the dollar, the higher it will cost private companies and businesses to do business and make a profit.

For instance, since we import a lot of what we consume, Nigerian importers will spend more money to import, more than they had already budgeted to bring in foreign goods like rice etc

As a result, the prices of these goods will be on the increase and it is the average person that will bear the pain because:

Employers and the government won’t raise the salary of their employees because of this.

This means your current income will no longer be enough if you don’t make more.

According to a survey by Jobberman, only about 70% of Nigerians make up to N100,000 in a month which is barely enough especially if you stay in places like Abuja or Lagos.

If the Naira devaluation should continue, you may now need N100,000 to buy what N55,000 used to buy before.

This may be okay for people who control their income but hard for people who depend on others for what they earn.

In case you don’t know, it is happening already.


Number 2 – Higher Electricity Tariff:

Recently, even the electricity bill has gone up and you will have to pay for this from your income as well unless you don’t want electricity.

You can read more about this on this day newspaper if you are not aware.

Let’s just hope it won’t keep increasing.


Number 3 – More People Will Lose their Jobs:

A lot of people are already feeling the sting of losing their only source of income (their jobs) to the dwindling Nigerian economy. Even oil companies are laying off workers.

If your only source of income is from the government or your employer, then you need to start restrategizing because what about if your employer decides to resize and you are sacked in the process? I pray that won’t happen but you should be prepared.


The Way Out?

Unless you belong to the 5% of Nigerians who control billions and the economy, the only sure way to avoid the fall backs of our dwindling economy is by getting prepared.

Not by focusing your energies on situations you can’t control.

I once heard a wise man say that: “A quick way to frustrate yourself is to try to control factors or situations that are beyond your control”

Ordinary people who rant on social media or spend endless hours arguing about how PDP or APC should rule Nigeria are simply setting themselves up for frustration.

Think about it.

You can’t control Buhari. You can’t control what happens at the Central bank. You can’t control the price of oil and you can’t control the Naira devaluation.

The only thing you can control is what happens in your life and how you are able to bring in more money into your life to provide for yourself and your loved ones.

In short, if you do not have a plan to bring in more money into your life…you are basically betting on mere hope which is like taking a dangerous risk.

From what I have seen so far, the government does not have special plans for anyone.

Not when Nigeria has over 160 million people in it.

In fact, the government itself is looking for ways to get more money from you to fund the National budget.

Have you also asked yourself: “What am I doing to fund my personal budget?”

In simple English, what I am trying to say in this short post is that;

If the Naira devaluation continues, the ordinary Nigerian who does not take control of their income will:

  • Have less money to spend.
  • Spend more of the little to pay for fewer things.
  • And some will even lose the job they currently have.

Again, in the midst of all these, some people who control their income or people related to such people are going to prosper.

If you do not want to wake up one morning without a kobo in your pocket, faced with hunger and nowhere to go, then start helping yourself now.

Start creating income that you can control.

Income you control is income that does not depend on the government or your employer.

It does not even depend on the economy because it is flexible like water and you can adjust it based on what the economy dictates.

Thanks for reading.

And may God help us all.






Show CommentsClose Comments


  • by Matthew Adewuyi
    Posted February 12, 2016 1:40 pm 0Likes

    This well written and this is very serious. Thank you for the analysis, BUT WHAT CAN I DO, I mean just me. Thank you Mr. Omotosho.

    • by Joy
      Posted February 22, 2016 7:01 pm 0Likes

      This is where network marketing comes in. Control your income through network marketing

  • by Femi Iyanalu
    Posted February 12, 2016 3:15 pm 0Likes

    God help those who help themselves

  • by Tunde Akanji
    Posted February 12, 2016 4:16 pm 0Likes

    Great one Mr. Toyosi. I shared the link, yet no 45 pages book. What happened?

  • by favour Alfred
    Posted February 12, 2016 6:14 pm 0Likes

    Knowledge, they say is power. Pls help me to know what I should that I do not know. God bless u.

  • by Victor
    Posted February 12, 2016 8:53 pm 0Likes

    Mr. Toyin I shared this post TWICE as instructed, and on both times I didn’t get the download information for the income control manifesto report you talked about.

  • by Samson
    Posted February 13, 2016 2:13 am 0Likes

    Thanks for calling me to action. May God continue to bless you for all your efforts. I shared the post but could not get the instruction for the income control manifesto report.

  • by it rep Christ
    Posted February 13, 2016 3:07 am 0Likes

    True talk!

  • by Abbey Ayodele
    Posted February 13, 2016 7:17 am 0Likes

    Its really a apt report about the true state of our Nation as a whole,well highlighted….. Well we awaits your report… Tnx (Toyosi)

  • by peps joseph
    Posted February 13, 2016 11:16 am 0Likes

    Please it’s not just all about this write up but what is the way farword, i mean what do i need to do to be separated from the economic crisis you are talking about, and control my income?

  • by John
    Posted February 13, 2016 12:11 pm 0Likes

    where is my free copy? I shared your article like you said. So fulfill your own part of the agreement. Thanks

  • by Cornelius Longe
    Posted February 13, 2016 2:08 pm 0Likes

    Sound message and a wise counsel from an enlightened soul’

  • by Christopher
    Posted February 13, 2016 5:29 pm 0Likes

    Well written, many people don’t know how this would affect them. If I even share on my wall, some would be reluctant to open because it’s not the latest news on Kim kardishian…. I pray we get our of this soon

  • by Okechukwu Nnaji
    Posted February 15, 2016 9:40 am 0Likes

    I thank you very much for opening our eyes about the state of our economy and the depreciation of our money. I like your advice on the control of our income and not to depend solely on our salary for thos
    e of us working, because of its depreciating effect but rather alternative to be above it.

    I have always wanted to operate an online Business but i don’t know how to go about it. I am passionate about technical things. Could you assist me ?

    Okechukwu Nnaji.

  • by Francis
    Posted February 15, 2016 2:04 pm 0Likes

    U have true fact of what will happen soon, as the bible says those that have ear should hear what the churches is saying.

  • by simon
    Posted February 17, 2016 8:16 am 0Likes

    Obviously, that’s the true situation of thing in Nigeria. A stitch in time saves nine.

  • by mike
    Posted February 18, 2016 11:30 pm 0Likes

    Cool Post ………….really enjoyed the post but it pained me that i missed the free report of Income Control Manifesto

  • by Endy
    Posted February 20, 2016 9:54 am 0Likes

    is high time we weak up from our slumber before Nigeria collapse the way forward is online businesses that’s social media

    Thanks for the heart written words

  • by Kelvin
    Posted March 16, 2016 9:47 am 0Likes

    Really insightful. Thanks

  • by Arinze Okwara
    Posted March 17, 2016 9:23 am 0Likes

    Your insight and analysis is very deep. It is an alert for the wise. Thanks a million for I am so inspired to begin to take control.

  • by rotimi oceans
    Posted April 15, 2016 10:07 pm 0Likes

    Well written piece, thanks for the insights

  • by Emmanuel
    Posted May 9, 2016 5:34 pm 0Likes

    Create Another Source of income if you have either soft skills or handwork. If you have soft Skills, most especially in ICT, you can train, do web design for small business, design database or even teach. A lot of people do not think outside the box that’s why they are cut in the web. You can take programs like the ones. I have

  • by Timothy
    Posted May 14, 2016 9:49 am 0Likes

    Food for thought…think positively and work smart.Have faith in God so shall you be bless.Thank you bro. for the write up that make sense.

    • by Lanre
      Posted April 28, 2018 9:45 am 0Likes

      Thanks Toyin. You are really doing a great job.

  • by Christopher
    Posted September 16, 2016 3:59 pm 0Likes

    I’ve read this post before and I read it again because it’s still relevant. Thanks for sharing and keeping us on our toes Toyin.

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