Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Businessmen in Lagos groan under weak Naira

07 December 2015, 21:37

Lagos - Some businessmen in Lagos on Monday expressed concern that the continued crashing of the Naira at the parallel market was making it difficult for them to sell their goods.

In separate interviews with the News Agency of Nigeria (NAN) in Lagos, they said that the development had led to daily increments in the prices of goods and services.

NAN reports that the currency of the biggest economy in Africa depreciated further last weekend as it exchanged for N248 to the dollar, a situation the businessmen said was becoming unbearable.

Mr Abel Obodo, an importer of men’s wears, said that the high exchange rate was impacting negatively on import businesses.

According to Obodo, his colleagues are tired of giving explanations as to why the prices of clothing items are increasing by the day.

He noted that some of their customers were already fed up with the daily recitation of explanations linking the volatility of the market to fluctuations in the naira rates at the parallel market.

In her remarks, Mrs Funke Agboola, an importer of cosmetics, said that the weakening of the naira was causing consumer apathy in the market.

Also read: Naira appreciates at parallel market

She noted that a situation where the difference between the official exchange rate and that at the parallel market was widening by the day was counter-productive to the economy.

Agboola, therefore, called on the Central Bank of Nigeria (CBN) to urgently address the continued sliding of the naira at the parallel market.

"It is becoming difficult to sell some of the cosmetics I imported because of the price fluctuations.

"The CBN should do something to reduce the widening gap between the official exchange rate and that at the parallel market,’’ Agboola said.

Also, an importer of vehicles, who spoke on condition of anonymity, said that the fluctuation in the price of the naira and the tightening forex policy of the CBN had forced him to source for forex abroad.

The importer explained that he chose to transfer naira to a country in the United Arabs Emirates and travel there to get an agreed dollar equivalent from his business counterpart.

"Some of us in our line of business had to choose this option because of the strict dollar policy of the CBN.

"Unless the government reviews its policies, we will continue to devise means of accessing forex to finance our businesses,’’ the importer said.

NAN reports that the official rate at the interbank window stood at N197 to the dollar, a rate many believe is a far cry from that at the parallel market.

The CBN, in a bid to save the soul of the naira, came up with its dollarisation policy where it restricted forex access to about 41 goods.

Beyond this, the apex bank also issued a circular to Bureaux de Change operators to demand Bank Verification Numbers from their customers before selling forex to them.


Tags lagos naira

Read more from our Users

Nigeria @ 56: Words to my green f...

A leader’s job is not to dictate, but rather to be respected, admired and be a trustee, of the land we love, with so much potential, a land which should be freer than free. Its still a long way to fufilling our destiny! Read more...

Submitted by
Isaac Asabor263
Recession: An opportunity for Nig...

The recession should be seen as an opportunity for the country’s promotion as long as we all collectively conduct ourselves in a patriotic manner, writes Isaac Asabor.  Read more...

Submitted by
Black and White

We want to imitate the whites in everything because we are ignorant of our inherent originality and content. We spend all our Naira to acquire his inventions because we so oblivious of our natural endowments that we allow him have it for free. Read more...

Submitted by
Nate Nat
Adamawa State University Mubi: A ...

ADSU integrity forum has accused the Sunday Joshua Wugira, a lawyer, of adopting unorthodox tactics by abusing his privilege by attacking the integrity of ADSU Vice Chancellor Dr. Moses Zira Zaruwa, writes a News24 reader. Read more...

Submitted by
Abdulsalam Jubril
My Country Nigeria (Part One)

Poetry by Abdulsalam Jubril.

Submitted by
Abdulsalam Jubril
Recession, dearth in leadership a...

Every leader has the opportunity to become great and making himself immortal in the lives and hearts of people for generations to come. Will Mr. President seize this opportunity?, questions Abdulsalam Jubril. Read more...