By: Ade Phillips
As naira somewhat appreciates and dollar conspicuously depreciates in the foreign exchange market, the Publisher of Starnews NG, Pastor Akinrinlola Olumide, has bemoaned the continued spiraling rise in the prices of goods and services in Nigeria.
Akinrinlola observed that despite the assiduous efforts of the Central Bank of Nigeria (CBN) to rejuvenate the economy, which he said, was already yielding positive result; the skyrocketing prices of goods and services, most especially food items still hang in the air.
The Publisher of the fast growing medium in Nigeria made this known in a post on his Meta (Facebook) account yesterday.
He further stated that the ugly trend could only happen in Nigeria, adding that the government must wake up to its core duties by meeting with market stakeholders so as to crash the prices and allow Nigerians to eke out a better living.
“Inside Naija: Dollar is coming down, pound is losing strength, the naira is getting stronger, but unfortunately, the prices of goods and services remain stagnant. Instead, they’re going up. It can only happen in Nigeria”, Akinrinlola wrote on Facebook.
Meanwhile, as per government efforts to revamp the economy, it would be recalled that the CBN sold $10,000 to each Bureau De Change operators at a rate of N1,251 per U.S. dollar.
In a statement the apex bank said,
“We write to inform you of the sale of $10,000 to each BDC at the rate of N1,251/$1. The BDCs are to sell to eligible end users at a spread of NOT MORE THAN 1.5 per cent above the purchase price.
“Please note that any BDC that breaches above terms shall be sanction appropriately, including outright suspension from further participation in the sale,” the circular reads in part.
Meanwhile, the Publisher’s social media post has elicited mixed reactions from facebook users.
In his reaction, a user identified as Azuike Uchenna wrote: “My brother you don’t expect that change in prices immediately, no one wanna be on the losing side either ????… it would soon manifest as it requires time even if citizens are more wicked to each other and even than the government ????”
Another user named Anthony Pelago said “That’s the real problem here in Nigeria ????????. What’s our joy of Dollar coming down when our goods and services are increasing. Only the lord can save us in this country”.
Also Oyinloye Adekunle posited that “Nigeria economy: It defies known economic theories.”
In the comment section, Ijitade Oluwaseun noted that “The reason for that is because the import duty has not reduced.
However, Okanlawon Adewale expressed optimism, saying “Better days are coming.”
Leave a Reply