Nigerians are losing money, and it’s by bucketloads.

Popular Nigerian blogger, Linda Ikeji, about six months ago caused a stir on the internet when she announced that she’s purchased a multimillion naira mansion in Banana Island area of Ikoyi, Lagos state.

Linda tweeted that the house costs over N450 million but reports say the mansion will put a hole of N600 million in Linda’s deep pockets. Other reports further alleged that the mansion is approximately priced at N850 million.

With the mansion priced at N600m (as generally reported), it would go for $2.7m on the international market at the time it was purchased as the Naira arguably exchanged at 220 to a dollar on the unofficial market, the place where most people buy the greenback.

However the situation isn’t the same nowadays and things have changed. The pressure on the Naira keeps mounting as the demand for dollar far outweighs the demand for naira. As a result, the currency is hovering around N300 to a dollar on the same market, with the future not looking promising.

As a result, Linda Ikeji’s mansion, which costs N600m in Nigeria and $2.7m on the international market months ago will now go for $2m, using the current N300 per dollar exchange rate.

This means the blogger has lost the sum of $700,000 in less than six months on the mansion, which is considered a long term investment.

This loss isn’t limited to Linda alone, the story is similar with anyone with a long term investment in Nigeria and it’s the reason many foreign investors are pulling out of the country. It’s also the reason the stock market is losing money day by day.

It doesn’t stop there, it is now much more expensive for Nigerians to buy goods overseas and school fee of students studying abroad have skyrocketed. As a result, many are withdrawing their wards and many can’t transact business.

The Naira however remains unchanged at the official market, going for N197 per dollar. Many have called for the devaluation of the Naira as the distance between the currency’s value on the official and unofficial market keeps getting wider by the day.

The CBN recently reversed some policies which is supposedly responsible for weakening the Naira and only time will tell if this will help.

Moreover, many Nigerians are looking up to the Muhammadu Buhari government to do some magic, after all, the president promised to make a dollar equal to a naira when campaigning.

Linda won't probably lose any sleep over this as she spends in dollars. The celebrity blogger has hand bags, watches and other jewelries which are bought abroad hence so she knows about comparative value.