Economic experts are hopeful that the current high costs of goods and food will begin to drop by the end of the first half of this year.
But that is on the condition that the current momentum to energise the economy does not suffer any reversal.

A major player in the foreign exchange sector, the Association of Bureaux De Change Operators of Nigeria (ABCON), has appealed to the Central Bank of Nigeria (CBN) to lower the dollar selling rate to its members in view of the massive appreciation of the naira against the dollar and other international currencies while the Lagos State Consumer Protection Agency directed supermarkets and grocery stores in the state to display prices on their products or risk being fined or shut down.

A combination of factors including fuel subsidy removal, insecurity in parts of the country that has forced many farmers off the land and shortage of foreign exchange are said to be largely responsible for the high cost of living.

The naira, which exchanged for between N1,150 and N1,180 to the dollar as of December 31, 2023, crashed to N1,400 in January and further depreciated at the black market to N1,950 in mid-February with many speculating that it could get worse. But the naira experienced a good fortune by the middle of March following a raft of policy initiatives by the apex bank to improve the transparency and inflows of the FX market.

April 7, 2024

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