Consumers want naira improvement to reflect in retail prices

WITH expectations that the drop in the dollarto- naira exchange rate would lead to a reduction in the cost of goods and commodities quickly, traders and consumers have lamented that they are yet to feel the impact on their wares, as the cost of household items keeps skyrocketing.

Checks by The Guardian on some of the markets showed that household items, including staple foods, still carry high prices.

With the naira improving against the dollar in recent weeks, dropping from around N1,900 to the dollar to N1,250 to N1,300, many Nigerians were hopeful to see a lot of positive impact on the economy, lamented that the improvement has only reflected on the market world but has not reflected on the price of goods and services in the local markets.

Findings showed that the falling value of the naira, the rising cost of inputs and challenging conditions for domestic production have spiked the price of food across the country.

This is just as Nigerians are experiencing the worst food inflation in decades amid a weakening naira, insufficient domestic agricultural production, and an over- reliance on expensive imported food.

Data from the National Bureau of Statistics ( NBS) showed that the food inflation rate in March 2024, reached 40.01 per cent yearon- year, marking an increase of 15.56 percentage points from 24.45 per cent in March 2023.

The bureau attributed food inflation to rising prices for items such as garri, millet, and akpu uncooked fermented ( all part of the bread and cereals category), as well as yam tuber, water yam and others.

The data custodian further stated that on a month- onmonth basis, the food inflation rate in March 2024 stood at 3.62 per cent, showing a decline of 0.17 per cent from February 2024, when it was 3.79 per cent.