This is a very though time for anyone that wants to start a business. Especially the sales of provisions. The unstable price of things can disrupt a business just starting up. This is because of two very important things.
1 Price of PMS: In recent time the
2 Dollar Rate
Price of PMS (Premium Motor Spirit): Since the removal of subsidy from petroleum product in May of 2023 the price pf PMS (Premium Motor Spirit) has been very much unstable(Selling NGN600 / liter) after the removal of subsidy. However in the last two months, precisely late March of 2024. The price has been unstable and has increased to as high as NGN1,000 / Litre. In fact there has been queue in petrol stations as some marketers tend to be hoarding it in order to sell at their convenient price. This has really triggered the prices of things all round the country.
Dollar Rate: The increase in Dollar rate since October of 2023 has not been funny. The exchange of of the United State Dollar to the local currency Naira has been times 3(3*) in the last eight months. With the intervention of the central bank(CBN) the Naira appreciated and was like NGN1,100 / $1. In recent time we have experienced a depreciation of the local currency against the USD.
What has these done to the cost of things.
The cost of commodities as well as services has increased. Prices of things have increased beyond expectations. The only people profiting from the unstable economy is the business people. Those who are salary earners are the victims of these hardship.
This juice is now NGN1,000 ($0.7)
Pack of capri sune now NGN12,500 ($8.77)
This top Cafe is now NGN2160/12 ($1.52)
Close up now cost NGN1,200 ($0.84)
These two majors has cause a tremendous shift for the prices of everything including locally made goods. I went to the shopping Mall for my regular monthly stock up, and the prices I met those things has been shocking. I could only walk frustratingly out of the mall because everything has increased in price. I would rather buy nothing than buy in pieces as I prefer buying my things in full packs
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