Nigerians react over growing insecurity and the pangs of the high cost of living as a result of cost of foodstuffs in the country. People are lamenting that the soaring prices of food items in the markets across the nation have made the burden of providing for their families unbearable and it appears things are not getting any better.
The trend is the same across the country. Interacting with Chief Chukwudi Ufomadu, a business man who resides in Abia State,he decried the high cost of food stuffs in the country, said that life has become a nightmare for so many families in the country as they can no longer take good care of their basic needs as a result of spiral inflation in the country.
Corroborating this, a civil servant,who pleaded anonymity said he thank God for sending Governor Alex Otti who now pays their salaries regularly as at when due but lamented a situation where he spends almost all his salary on foodstuffs,adding that with the high cost of living in the country,savings have become extremely difficult.
In an interview with a food trader Madam Chinwe Precious ,she blamed the exchange rate of the Naira, explaining that Naira has lost purchasing power as a result of bad economy and high cost of transportation of farm produce as being responsible for the high cost of food items in the market.
Speaking on the issue of insecurity in the country, especially the incessant Kidnapping cases that have been ravaging the country, a prominent Nigerian who does not want his name mentioned for security reasons, said ,” No part of Nigeria is safe now and I blame it on leadership failure in the country”
He maintained that “It is so sad that the present government at the center is not doing enough to arrest the ugly situation in the country and even the Federal Capital of Nigeria is no longer safe.
” If Abuja which is the Federal Capital of Nigeria is now home for kidnappers,what happens to other part of the country? I am in support of the request for an emergency meeting of elder statesmen to proffer solutions to problem of insecurity in the country” he said
Naira fall: Bank customers decry increasing hardship, reduced purchasing power
Bank customers resident in the Federal Capital Territory (FCT) have decried the continuous fall of the naira to the dollar.
According to them, their purchasing power have reduced drastically.
The News Agency of Nigeria (NAN) reports that one dollar to Naira exchange rate at the parallel market is between N1,440 and N1,500 while the official rate is N1,356.
Some of the customers who spoke with NAN in Abuja on Thursday, appealed to the government and the Central Bank of Nigeria (CBN) to urgently evolve measures to address the situation.
They also lamented that the situation had inflicted untold hardship and had reduced their standard of living, saying the development had also negatively affected all sectors of the economy.
Mrs Irene Igunmado, a bank customer with Access Bank, said the fall of the naira had reduced the purchasing power as the prices of goods and services had skyrocketed.
Igunmado also said that the increase in the prices of food items had made her family to reduce their standard of living.
”Nobody tells anyone in Nigeria about the situation now. Even my little children understand that times are hard.
”This naira fall is worsening the situation because when you go to the market and ask traders why the prices of everything have increased, they will tell you its because of the dollar.
”Companies are closing down, relocating to other places
”This is not the ‘renewed hope’ that the present government promised us,” she said.
Mrs Victoria Emeka, a bank customer with Guaranty Trust Bank, said that although the food monthly allowances for her family had increased, it could not cater for their needs.
”Every month, my husband usually give me N30,000 to buy food items that will last us for the month because I have a permanent list that I use.
”Now, although he has increased the amount to N60k but the money will still not buy half of the things in the list which was usually purchased entirely with N30k.
”The government needs to do something urgently,” she said.
Mr Franklin Ogunleye, a bank customer with First Bank Plc, said the naira fall was the reason for the relocation of many Nigerians to other countries.
Ogunleye said he was feeling the heat of the naira fall as he was sending money to his family abroad, who just relocated recently and were yet to fully stabilise and get a job.
”This Naira fall is biting me so hard because my business is about to collapse.
”I relocated my family to the United Kingdom (UK) in 2023 and every month, I change money and send to them.
”Sometimes, I change as much as two million naira but it will still not be enough for them because of the exchange rate.
”I am thinking seriously of leaving this country to join them so that I can reduce this untold hardship,” he said.
A banker who preferred anonymity told NAN that banks would always strive to reduce the hardship faced by customers due to the scarcity and fall of the Naira.
NAN reports that the CBN on Jan. 31, ordered Deposit Money Banks to sell their excess dollar stock latest February 1.
The CBN also warned lenders against hoarding excess foreign currencies for profit.
NAN also recalls that Bureau De Change (BDC) operators in Abuja had shut down operations due to scarcity of the dollar.
