Nigerian Business owners and other professionals are groaning
under the current economic crunch the country is witnessing since the
fall in global oil prices started over a year ago.
Despite the Central Bank of Nigeria’s (CBN) attempt to stabilise the
naira exchange with the dollar, commodity prices are on the increase
with people complaining bitterly about the situation.
Speaking on the economy, Magdalene Anajamba, a cloth dealer in
Lawanson Market, Lagos, noted that the failure of the President
Muhammadu Buhari’s administration to name his minister has left the
country at a standstill.
She added that prices of the clothes has increased so much that some of her regular customers have deserted her.
“In the last three months, items are on a high price. In fact the
increase of items has made me lose a lot of customers. People cannot buy
anymore because of the increase,” Anajamba said.
“Election made it worse, the cloth we buy for 10,000 per bag, during
the period of the election we bought it for 13,000. I was thinking the
prices would reduce after the election, instead it keeps increasing.”
