Traders in Osun State has voiced their displeasure over the volatile exchange rates noting that it’s has been crippling small and medium business in the country at large.
They added that effects of the volatile exchange rates fall on business owners, adding that causing detrimental effect on their capital
Speaking with FACTUAL NEWS NG, some business owners bemoaned the difficulty they have encountered restocking their stores due to the unfavorable exchange rate.
A phone and accessory dealer in Osogbo, Ojodu Abiodun bewailed the increasing price of goods, occasioned by increase in exchange rate, stressing that price of goods increase on weekly basis.
Abiodun stated that, ” we are not happy with the way prices of goods change on weekly basis, the prices of same goods we ordered last week is different fron the same goods, same product we ordered this week.
“This has affected our sales alot because people are complaining that the accessories like chargers, earpiece, pouch, screen protectors among others are expensive. For example there are goods that increased 10%, 15%, even 5%.
“This increases has been as a result of the volatile exchange rates, and you know we can’t overstock because the prices might go down as soon as the Naira appreciate against the dollar.”
Abiodun also noted that increase in Premium Motor Spirit (PMS) has also been another problem encountered by traders as prices of transportation has skyrocketed by hundred percent in few months.
“The increase in price of petrol, diesel and Co which has affected the cost of transportation has also been a factor constituting the increase in price of phone and gadgets.
“The cost of transportation from Lagos to Osogbo has doubled over some months ago and all this are affecting our sales because it’s also affecting our customers too”, she added.
Another trader in Osogbo, Adesanya Esther, revealed to FACTUAL NEWS NG that the instability of exchange rate has made importation of goods difficult and most time affect his profits.
Esther, who is into mini importation, added that the cost of paying for goods, shipping and clearing has skyrocketed.
Esther said, “ Even when we are selling at the normal price people were complaining that it’s expensive not to talk of now the cost of goods, shipping and clear fee are skyrocketing due to the exchange rate.”
However, the USD is being traded at ₦1,700 in Black Market (Lagos) today, Monday, February 26, 2024. USD has been traded at ₦1700 when Black Market closed last week on Friday, February 23, 2024. This makes it -16.99% decline for United States Dollar against Naira this week.
