By Anwuli Oseloka
When a country’s currency depreciates, it can impact its citizens purchasing power, standard of living, and overall economic well-being. Nigeria’s naira has currently been depreciating in value relative to other currencies in the foreign exchange market.
Ikeja bird interacted with people in different works of life and they revealed the impact of the dollar hike in their lives.
A baby accessory business woman, Ruth Olawale said, many of her customers run away when they hear the price of her goods. “My goods have stayed long in my shop. Most of the items I bought to restock this year are expensive. When customers come, I tell them the new price, they run away. I don’t blame them. Something which was N35,000, you come back and see its N50,000 would be a shock to you. But it’s how much I got it from the market. I haven’t made sales because my goods are not everyday items so customers rather go and buy what they need urgently on a daily basis.” She informs us that this low sales is affecting her pocket too. “How do I now feed? I enter food market; everything is high and I am not even making sales in my shop. Ever since this naira started depreciating against dollar, everything just went high. Even ordinary bottle water is now double the price.”
Kayode, a cement seller complains, ‘Every time I go for supply of new bags of cement, money is always being added. Last year ending it was N8,000 now its N11,000. I used to get a lot of sales but with the increment due to the exchange rate, I do not make as much sales as I used to. People would still build but they are trying to understand the economy because everything has gone high.”
Titilayo Abijo, a hair dresser reveals that it hasn’t been easy for her, She can barely feed with how much she makes at the salon. “When customer comes to make their hair and you say the price has gone up, they complain but they don’t know that we can’t feed again with the amount we used to charge them. Everything has gone high. Even hair extensions we used to buy N2000 or N2500 is now N5000.”
She explains that food prices are high because of dollar hike. “If you enter the market, they will tell you dollar has affected the prices of items in the market.”
When asked why dollar rate should affect food prices, she replies, “Traders also have other needs too. I feel that is why they increase their prices too.”
A civil servant who pleaded to remain anonymous said, “It hasn’t been easy. People are now more concerned about feeding, no extra money to say you want to go out or save. Even if you go out, you will spend money. Everything is high now so we do hope something happens soon so people do not go hungry.”
Charles, a small bar owner in Ikeja explains, “We didn’t see this coming. We didn’t anticipate the economy to be like this. We had to increase prices of our drinks at the bar, customers are not finding it funny but they know how things are. The price you buy drinks today in the market is different from the price you buy it the next week. A lot of people do not even patronize us again which is bad for me to because I have staff to pay as well. The government should help us.”
A roadside tomato seller prays for sales every day, “I pray I make sales because if I don’t sell, how do I want to feed my family? This first 2 months of the year is just survival style. I pray the government help us because it hasn’t been easy for us. People come and price market very low. We just want a better Nigeria for us to live and enjoy ourselves.”
It is obvious currency depreciation can have a wide-ranging and adverse impact on citizens, affecting their purchasing power, standard of living, savings, investments, borrowing costs, and ability to travel. This underscores the importance of sound monetary and fiscal policies to maintain currency stability and protect the economic well-being of citizens.
Nigerians are looking up to the government to provide a lasting solution to the depreciation of the naira against other currency and ease their daily burden.
