The Nigerian Naira continues to struggle in the foreign exchange market. It currently lies at N414.21 to the US dollar.
With the high price of crude oil in the international market, the naira keeps depreciating, this shows the country's high import rate. In a report by Nigeria's Foreign trade in 2019, the country spent about N16.959 trillion ($47 billion) on imports compared to N13.1 trillion ($36.5 billion), that was a year earlier.

The outcome of this report indicates the country produces less locally, therefore their is high demand for the dollars. Also, the low output of locally made goods is as a result of the growing insecurity rate in the country. In a report by the Armed Conflict Location and Event Data Project, Nigeria has lost no fewer than 8, 343 persons to the farmers-herders clash.

Another aspect is technology, countries with outstanding economic backgrounds invest in technology development and innovation. Innovation is the foundation for sustainable evolution, modernisation and improvements of industrial activities. The Nigerian government should invest in sustainable innovative development.

As it stands, the prices of goods and services in the country is insanely high!

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