By Dawud Ahmed in Lokoja.
The current appreciation of naira in foreign exchange market to dollar is yet to ease high cost of living in Lokoja, Kogi state as prices of goods and services continue to hit the roof.
Okay.ng attributed several factors as contributing to the fluctuations in exchange rates, including:
It identified Supply and Demand as reflected in the recent increases in the availability of dollars have led to a slight appreciation of the naira coupled , adding that government policies ,which imposed restrictions on cryptocurrency exchanges, might impact the aaira’s value.
According to Google report, 1 United States dollar equalled 1,592 on Mar 17, 2024, whereas in February of the same year,it was 1,613 to a dollar.
At the parallel market of the same month, between N1,800 and N1,900 exchanged for one dollar in the country.
Speaking with our correspondent at the old and the international markets, Lokoja on Sunday, both the sellers and buyers said they had not seen any positive effect of the improved value of nara to dollar ,however little it may be , on the prices of food stuffs and other essential commodities in Lokoja.
“It gladdens one’s heart to know that the present administration in the country is trying its best possible to ensure that naira returns to appreciable level in exchange for dollar,but the price of food stuffs among others has continued to go beyond the purchasing capacity of the common man.
“Any food item displayed for sale,starting from salt, pepper,tomato beans,assorted grains garri and up to rice carries triple price increases.
“When you ask why the terrible hike in the sale of food stuffs, every seller put the blame on high of cost of fuel.
” Now that we have started seeing naira appreciating in exchange for dollar and we buy fuel in dollar, it is not high time , fuel of come down and transport fare come down as well and this will reflect on the price of food,” they queried.
“We are suffocating under the yoke of a unique nature of inflation happening in Kogi State, particularly in Lokoja,the capital,”Mrs Mary Achigbulu, lamented in an interview with our correspondent.
Also reacting to the issue,a yam seller, Hajia Salamatu Mohmmed, described the rising prices of food stuffs in Kogi State as exceptionally high, compare to other states.
An economic analyst,Mal. Mahmud Alli, said,” The combination of shylock attitude by most market men and women in Lokoja and the centrality of the area in the country makes attempt to check inflation impossible.
“Lokoja is like a melting point for travellers criss crossing the area to the north,east, west south and other regions of the country.
“This development has increased the demand for goods and services, because supply cannot equate demand, hence the constant high price of food stuffs amon others.
“Like the principle of demand and supply states, when the demand is higher than supply, there is bound to be an increase in the prices of goods and services in any society.
“This is the one of the situations we find ourselves in Kogi State ,especially, Lokoja the state capital,”he explained.
He called on the state government to establish a marketing board that would regulate prices of goods and services as well as curb the excesses of shylock market men and women in the state.
The economist also urged the Ododo-led administration to have the political will in embarking on mechanized farming that would boost food production,at least for internal consumption,if not for export to other states.
“By that, there will be enough agricultural produce for the people to buy, beef up supply chain system and this will force the price to come down.
For now, Kogi State is among 10 states of the federation said to be the most expensive states to live in Nigeria, according to media reports.
Last week,The traditional ruler in Kogi State, The Ohimegye Igu of Kotonkarfe,His Royal Majesty, Dr. Saidu Akawu Salihu, called on the federal government to embark on a deliberate policy that would encourage Nigerians go back to the farms to attain maximum food production and food security.
In an interview with the correspondent of Daily Times at his Palace Correspondent in Kotonkarfe ,the Paramount ruler,who is also the President of Kogi/Lokoja traditional council said the country’s greatness lied in its soil.
He noted that Nigeria had arable, fertile land with good climate for bumper agricultural production.
“As our strength lies in the soil, government should strengthen agriculture, the country has arable and fertile land for the cultivation of agricultural produce,both for local consumption and export”, the paramount ruler further urged.
HRM Salihu expressed concern over the dwindling fortune of oil sector in the global economy with the advent of modern technology which he observed “is fast providing alternative sources of energy.”
The royal father also called on Nigerians to cooperate with the government to end insecurity scaring people away from farms, adding that though the security agencies had been doing their best, provision of credible information that would lead arrest of more criminals cannot be overemphasized for the nation to have peace.
