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How People Buying and Selling This Much Money When They’re Poor?

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The economy is doing very poorly in Africa, and most of the blame is placed on our leaders, who are supposed to facilitate a better way of life for our people. It seems like everything is true as it is regarded as the poorest continent on the planet with proving evidence.

How People Buying and Selling This Much Money When They're Poor?

Somalia Market Exchange rate

A lot of people have been shocked by what is going on in Somalia over the last couple of years.

Several pictures have been circulated online showing Somali traders in the Hargeisa market purchasing and selling money in Somali currency. The money was purchasing and selling in Somali foreign currency.

There is no doubt that a large amount of money has grabbed the attention of many people, and they are interested in knowing what is going on in the images.” 

“If we have that much money, then the money loses its value, and everything’s gonna be expensive because money is readily available for everything, ‘ others said.

A lot of Somalia’s economic problems are caused by the continued political instability in the region. Poverty levels in the country have been on the rise for a long time. This image is from a money exchange market. The money changers are buying and selling United States dollar bills.

Somalia Market Exchange rate

In recent years, Somalia’s currency has not been able to perform well, and as a result, the value of the Somali Pound has depreciated against the US dollar. There are approximately 6000 Somaliland shillings in one US dollar. The largest note is 5 hundred shillings. You will need a bag with you whenever you visit the market.

There are also many markets that feature such open-air exchanges of money in Lagos, Nigeria. Security is tight, and there haven’t been any reported thefts from these markets.

How People Buying and Selling This Much Money When They're Poor?

Somalia Market Exchange rate

Having poverty levels that high is hard for an economy, and people won’t be able to get basic commodities like a loaf of bread, many said.

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Following the appearance of these photographs on the internet, many people became very upset about this.

 

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