Is the dollar responsible for the high prices of commodities in markets? Check out this survey
It is widely believed that the fall of the naira against the dollar is responsible for inflated prices of goods in the market.
Nigerians had at during different fora, complained bitterly about the unbearable state of the economy as prices of goods have kept inflating.
It is on this backdrop that NAIJ.com’s Wuraola Zainab carried out a survey to ascertain how marketers are faring with the rates of goods in the market.
She was at the Iyana-ipaja market, Darocha market, Moshalashi Alhaja, Agege, Ifelodun market Ketu, Mile 12 market and Bola Tinubu markets.
Markets women spoke on what exactly has been the reason behind their expensive goods.
An average-aged woman in Iyana-Ipaja when asked about how the fall of the naira has affected the prices of pepper and she said: “It is not the rise of dollar that made the price of pepper cost; it is because of the mile 12 market which was pulled down for reconstruction by the government.
“Ever since then we go to mowe to go and buy pepper and we also calculate our transport fare, that’s why pepper has been cost.”
Another woman who sells fish in Oke-odo market, said: “We go to Cotonou to buy fish, so they are costly from where it is being bought because we don’t have access to the border any more. The fish we used to buy N13, 500 per carton is now 15,000 per carton.”
At the Mile 12 market, a meat seller who pleaded anonymity, told our correspondent that, “we do not buy cow as expensive as this. Initially we buy cow for 150,000 before but now we buy as much as 220,000 thousand naira, that’s why it is expensive and it is not because of the rise of dollar.
“It’s from where the cows are also being bought before they sell to those of us who resell it.”
A man in Moshalashi alhaja market said: “rice was sold N7,000 per sack and a derica was N140, but now a sack of rice is N11,000, so a derica is N200.
“This is majorly because the people selling have not been allowed to cross the border, the price of things have changed and are now very expensive.”
A woman selling vegetables in the same market also said: “this is the era of change and I don’t know why things have been difficult and hard especially for the needy but I know that Buhari is trying.
“Vegetables are cost from the market and not because of the rise in dollar.”
At the Mandela market in Mile 12, an Igbo man selling food items disagreed with those who had given their opinions earlier, stating vehemently that the fall of the naira against the dollar is the major culprit for the inflated prices of goods in the market.
Sounding really furious, he said: “It is the rise of dollar that made rice expensive because it is imported. Rice that we sell N7,400 before is now N11,500.
“Before, people buy rice and give to beggars but now it is so expensive that even people who used to buy one bag now buy half, those who used to buy half now buy quarter and those who used to buy quarter now buy one plastic and are unable to give the beggars who are also complaining because they are not getting what they used to get before.”
Pepper sellers in Ifelodun international market, Ketu also lamented: “the reasons why pepper is quite expensive was because of the mile 12 market as it was there they usually go and buy pepper.”
A woman selling pepper in Mile 12 market said: “pepper is still costly, but not as costly as when the market was closed down, now the price is better than before.”
Market women at the Bendel garri market confirmed that, “it is not the rise in dollar that affected the price of the substance because it is not too expensive. The price that it is sold is still okay as there isn’t much of a difference.”
Another man in the market said: “the issue concerning the increment of goods, I don’t think it was caused by dollar. Because I know dollar increases and it comes down but now I don’t think it’s dollar, because they have banned the importation of goods. Now, naira does not have value we cannot trade outside the country and dollar cannot trade inside our country.
“So how do you want naira to get value? It’s impossible! What I think is because of the importation they placed a ban on, Wharf is now empty. Many people don’t clear their goods through Nigerian Ports Authority because of the increment in clearing.
“They have to clear their goods through Cotonou and bring it into Nigeria because the clearing price is lower. Rice is from Thailand but because of the tariff, we have had to shift it to Cotonou where we get cheaper rates and from there, we bring it into Nigeria..
“Here in Mile 12, we sell a bag of rice for N10,700 but when you get to Iddo which is closer to Wharf, you get it for N11,000.
“But because we are close to Ogun state, here we smuggle it in because we get it cheaper.”
An elderly woman who sells yam flour said: “it is not because of dollar that yam flour is costly but because this is the time it is usually expensive,” while a young lady selling groundnut oil in Bola Tinubu market said: “it is the increase in dollar that has caused the high rate that we buy because I used to get it for N7,000, but now it is N10,000. How much do you expect me to sell it?
“A bottle is N300 as against the N200 that it was before.”
“Things are now very expensive, white beans was sold for N6,000 before but now it is N9,000; sweet beans popularly called ewa oloyin is now N24,000 whereas it was N21,000, while the normal drum beans was N15,000 but now it is N19,000,” lamented a young lady at the Iyana Ipaja market.
A palm oil seller compared both this administration and the immediate past, saying: “when GEJ was there, it wasn’t like this because he didn’t close the border. Palm oil that was sold N200 per bottle is now N300 naira. What a huge difference!”
So, what is the cause of inflation in your area?
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