Saturday, 27 February 2016

Naira-Dollar Fluctuation Affects Prices Of Commodities On OAU Campus

At any slightest chance and opportunity, prices of goods are now been increased on Obafemi Awolowo University. When you ask sellers the reason behind the increment in prices of commodities, they seem to have no two songs except for a single response; dollar has affected the prices. Then one begins to wonder if we spend naira or dollar in Nigeria.

Taking a close look at the prices of basic and the most consumed goods; a sachet water which sells at N5 in January now costs N10. If you want to take your meal with boiled egg at any restaurant in OAU today, you will need to pay N40 as against the former N30.

The seemingly recent one is the increment in prices of various sizes of bread. Breads now sell for N80 and N60 depending on size signalling a N10 rise in price. The hungry man size of noodles is now been sold for N120-N130. Obviously, the effect of weakened naira is felt.

This increment cut across several goods and services while some are on the verge of been increased. Our study indicates that drivers now complain of the unavailability of premium motor spirit, hence, the consideration of increment of fare cost. As at the time of filing this report, students travelling from Ile-Ife to Akure pay N800 as against the initial N700. Obviously, almost every sphere of life has been affected.

Even as prices of commodities continue to skyrock in OAU, students are of the opinion that the unavailability of an organized student body to check perceived excesses of the buyer may lead to unnecessary exploitation.

At the moment, dollars continue to gain strength even as Naira weakens; a dollar still prices well above N300 at the parallel market.
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