Without doubt it is obvious that the Naira continues to slide on a free fall, individuals may have different opinions as related to their experiences in their day to day business dealings.
Let me recount my experience within 3 days on a supply contract.
About four weeks ago I quoted for a supply of printers and computers and just recently it was approved and funds transferred to my account for supply.
My three days of purchase in computer village was clear indication of WHRE ARE WE HEADING TO IN THIS COUNTRY?
However, if a strategy is not put in place to mitigate the dwindling economy the high demand pattern would likely continue next week, a situation that might compound the naira’s woes.
Many analysts have however attributed the current crisis to a cocktail of bad choices, clinging to antiquated ideas in a changing economic environment and incoherent monetary and fiscal policies.
Now coming back to my experience in the open market this past three days. I had quoted for this printer for 38,000.00 and funds transferred to my account for purchase of which I bargained and agreed with the seller for 38,000.00 naira.
On our way to the bank as I was accompanied by one of the sellers mandate to make payment because what was needed was about 20 pieces of printers.
The mandate got a call from the seller that dollar has risen and price has changed and the printer will be sold for 40,000.00 this temporarily halted my transaction with them, I had to start sourcing for another seller, this time around outside Lagos.
Unfortunately, I was not able to get up to the number of printers needed as it was far less to what was needed. I had to go back to the first seller the following day only to receive another rude astonishing price that the price is not 45,000.00 and I can only get 7 printers not 20.
I had to go into the market in search of this printer luckily I got another man who sells at the normal rate of 38,000.00 again he does not have up to the number I wanted. He decided to reach out to his colleagues in the business to make up to the needed number of 20 in the process he was influenced to increase his own price too and insisted I pay him 40,000.00 and that he cannot sell any less or higher than that price I accepted to go with his current price but not without informing my contractors about the change in price if need be for a possible refund of their money. As regarding the answer to the question “where are we heading to in this country?” it is important to bear in mind that most of the printers in question are old stock and has nothing to do with the current fluctuations of the Naira. so why?
A lot needs to be done as regarding market price control and levies to import duties.
Nevertheless, despite the fact that economic index known to man calls for an urgent decision to be made by the Federal Government before all control is lost, government opposition to devaluation remains strong.
As it is, Nigeria is slowly but surely approaching one of its toughest and roughest periods in decades – inflation, job losses, business closures, increasing inequality, shut out from global markets, possibly a banking crisis, and full-blown recession. The Buhari led government should not feign ignorance of the plight and concerns of Nigerians. While anti-corruption is important, but the interest of Nigerians is vital– all hands must be on deck to move the economy forward. The government must act now.