Happy New Year everyone! It’s a late new year post but I’ve been in my village with really bad internet for the past almost two weeks (for those of you not aware, I’m currently in Nigeria). I hope you all enjoyed the festive period and are coming into 2019 with a lot of energy and […]
Tag: dollar
How Do Exchange Rates Work?
How do I explain how exchange rates typically work, simply and in a way that is easy to understand? Let’s try an illustration. Suppose there are just two countries in the world, USA and Nigeria. In this ideal world, $1= N1. Now, Both of these countries’ populations love to eat burgers. A burger is made […]
The Central Bank of Nigeria is Killing Nigeria
Nigeria is an import dependent country: much of everything we use is made outside the country. For years, it’s been standard Central Bank policy to buy up naira to keep the exchange rate within a certain band in order to keep import prices cheap and the economy stable. But now, our oil exports have fallen, […]
