CoronaVirus negative impact on Nigeria Real estate. Not so for Diasporans!.
Covid-19 has remained a dominant factor this 2020. Never have the whole World witness such a disaster, where the Global market and community was brought to a standstill. A Negative economic impact felt all across the hemispheres. Luckily and I think with God’s hand covering Africa, this continent has been hit the least compared to Europe or Worst of all USA.
Still, Nigeria has been hit by the global pandemic as well as internal political crises in form of #endSARS championed by the youth of the nation who raised a series of mass protests against police brutality in Nigeria. While the protest highlighted a lot of issues and brought Nigeria to a standstill and global recognition, it was marred by looters who destroyed multi-million pounds of properties and causing a devastating impact on infrastructure.
Nigeria’s Exchange-Rate has been in Crisis. In the five months between March and August of this year, Nigeria’s currency, the Naira, fell by nearly a fifth of its value on the official exchange rate window, from 305 to the U.S. dollar to 379 on August 21, according to data from the Central Bank of Nigeria (CNB), for a roughly 24.3% decline. In the coming weeks or months, the Naira may be primed to lose more of its purchasing power. While it is not clear now how far the currency will fall, some close observers say it could weaken to as low as 500 Naira per 1 USD officially.
To Nigerians in Diaspora, this is indeed a bitter-sweet pill that should be taken advantage of. As of today, N1 will get you N605.00!.
My advice will be, Key in NOW if you can, even if it is just to buy a plot of LAND. January 2021 will see prices increase as much as 25%, already developers are putting a pause on delivery.