Discuss The Role Of Money In Nigeria Economy?


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Connor Sephton answered
The role of money in the Nigerian economy has much the same role as in any society on the surface of it, in as much as it is used as a currency of exchange. This means that if someone wishes to make a purchase, they use money to be able to do so.

However, for a long time Nigeria has been deeply unsettled by a number of things that have had direct consequences on the economy and the use of money has played a major part in these things.

  • Politics
Because of the political unrest in Nigeria, money has been used to smooth the way for many people attempting to further their careers either as a politician or to corrupt a politician for their own purposes. This has involved huge amounts of money and as a result has impacted negatively upon the Nigerian economy.

  • Money laundering
Money laundering has long been a massive problem in Nigeria, which has suffered from a major drugs problem for many years. Political unrest and disruption on the scale that Nigeria has suffered is a breeding ground for those who want to exploit.

It is impossible that this kind of activity does not have a negative impact on any country, and Nigeria is no exception. The National Assembly, however, have passed laws that have been put in place in order to address these huge problems and it is hoped that all of the different agencies that are involved will be able to make a marked difference and that the economy can improve.

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