The prices of building materials have remained unchanged in spite of the
naira appreciating in value at the foreign exchange market.
Some said in interviews with the News Agency of Nigeria (NAN) in Abuja
on Thursday said prices remained unchanged because they bought the goods when
the exchange rate of the dollar to naira was one dollar to over N500.
Mr Peter Okechukwu who sells iron rods said he bought the materials when
naira was N520 to the dollar.
Okechukwu said although the naira was appreciating in value against major
international currencies, he would not sell the products below the cost price.
‘`It is good a thing that the naira is gaining strength against the
dollar but I have to sell my products to make some gain,’’ he said.
Another trader, Mr Gabriel Okereke said for two days he had not made any
sales because people expected the prices of goods to drop immediately.
He said the prices of building materials would not drop immediately
because the traders needed to sell off their old stocks which they brought when
the naira had low value.
“I have some products in my warehouse which I believe I will sell before
the prices of things will go down,’’ Okereke said.
Mr Polycarp Nzeli, who sells different types of building materials, said
before the end of the month the prices of goods would drop.
Nzeli appealed to people to showing understanding with traders because
most of their goods were brought in December and January 2017 when the value of
the naira was low.
According to him, it is not the best of times for dealers in building
material products as business activities have remained relatively low.
Mr Moses Ibanga, who came to buy some building materials, said he
thought prices had dropped since the naira had appreciated in value.
Ibanga said he would wait till prices dropped considering that building
materials were not like foodstuffs that perished in a short time.
“I will suspend my building work till the prices of things come down, I
believe by April, we will smile again,’’ he said.
The Central Bank of Nigeria (CBN) increased liquidity in the foreign
exchange market with additional 180 million dollars for the settlement of
various transactions.
The spokesman for CBN, Mr Isaac Okorafor, had said that the bank’s
intermediation in the FOREX market was to ease the pressures on Nigerians to
access foreign exchange to meet their obligations.
Hi. I’m Sana ur Rehman Designer of This Blog. I’m CEO/Founder of Pak Zest. I’m Creative Art Director, Web Designer, UI/UX Designer, Interaction Designer, Industrial Designer, Web Developer, Business Enthusiast, StartUp Enthusiast, Speaker, Writer and Photographer. Inspired to make things looks better.
0 comments:
Post a Comment