Manufacturers in the Nigerian market have predicted that there will be a wave of new prices for the good and services which they offer. This new price change comes as a result of increased cost of doing business particularly as a result of increased exchange rate of the naira to dollar.
As at 29th of January 2024, the naira sits at 1400 in exchange for a dollar.
The Manufacturers Association of Nigeria President Mr Francis Meshioye, stated in a statement to the press that the naira which according to the parallel market exchange has been at 1400 naira to a dollar for the last two days has led them to equally decide to subsequently increase price of goods and services.
In his statement, he said that there was no way businesses could stay afloat and remain in operation with the current exchange. With continued economic problems, this means that people who already struggle to afford even basic services with their low income would find it even more difficult to afford those services should the new prices be implemented.
Here's a video from five months ago predicting that the naira may hit 1500 per dollar. Looking at current price and the rate at which the naira keeps dropping against the dollar, it could be quite possible to see a 2000 naira per dollar exchange before the year runs out if care is not taken.