Dollar-Crunch: Car Vendors in Port Harcourt; Boutique Owner in Umuahia Cry Out

By Ikenga Chronicles February 20, 2016

Dollar-Crunch: Car Vendors in Port Harcourt; Boutique Owner in Umuahia Cry Out

 

Car vendors in the capital city of Rivers State, Port Harcourt have cried out that the current rate of the Naira vis-a-vis the U.S Dollar has dealt their business a crumbling blow. Speaking to our reporters, most of the car vendors lamented that the exchange rate of the dollar has suddenly skyrocketed the expenses they make in getting cars into the country thus obliterating their profits. The only way out is for them to increase prices geometrically. They lamented that such increase will not work as customers cannot suddenly accept to buy cars which are originally worth 1million Naira for above 1.3million. This has thus made it impossible for them to carry out their business.

In a related development, Mr. Ahamefula Diegwu, a boutique owner based in the Abia State capital of Umuahia lamented that with the sudden hike in the dollar exchange rate, goods originally purchased and set at certain prices have lost their value. According to him; “I bought some jeans trousers at the Naira equivalent rate of 2,000 and usually sell them for 3,000. The problem now is that if I sell those cloths at 3,000, and go back to the market, I cannot even buy them for 3,500. The whole thing just does not make sense any longer”

The dire economic situation in the country, continues to hit hard on ordinary Nigerians as Small and Medium Scale businesses are heavily affected.

 

Photo Credit: Moon Capital Management

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