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‘Why we can’t reduce our prices yet as dollar falls’ – Traders of imported items

The hopes of Nigerians are high as naira keeps gaining over the dollar. With naira now exchanged at N370 to $1, a lot are expected from the change.

This expectations prompted the chat with importers on if the crash in dollars has any effect on their business.

Below are their views…

 

Mr. Blessed (Electronics merchant)

I can’t say the crash has affected our business in any way. For me, I still have old goods in stock and I still sell the normal price. Hopefully, when next I bring in goods, there would be changes. But to be sincere, most times, it would take longer period, let’s say a month or two before there could be visible change. It doesn’t just happen suddenly, it takes time. Some people would have bought goods before the dollar crashed and the goods have not arrived.

When the goods eventually arrive, maybe after 3 weeks, will they sell the goods cheap and run at a loss? There will be changes if dollar falls consistently.

 

Mr. David (Travelling bags, baggages and boxes trader)

I go to the market almost every day but I would not say the crash in dollars has really affected business. Though, there has been changes recently, it’s not as much as we expected. We still want dollars to crash more so that business will return to normal. But it has changed a little compared to what we used to buy when dollar had not crashed.

 

Mr. Ifeanyi (Electronics seller)

You don’t expect a sudden change in the prices of goods now due to the fall in dollars. Most of us (importers ) still have those goods we bought while dollars was high in our stores. Though, I have not gone to the market since the fall, there hasn’t been any visible change. The next time I go to market will determine if the prices of those goods will fall or remain constant, because it is what I buy that I will sell.

 

Miss Justina Peters (Claude events and interiors)

I wouldn’t say there has been changes since I have not brought in goods ever since dollar dropped but what I know is that even if there are changes, it won’t be that much. Most people still have old goods in store and they won’t want to run at a loss.

 

Mrs. Caroline (Check-in shop)

There has been changes obviously. At least dollars now sell at about N370, so it has really affected business. You can’t compare the goods you bought when dollar was above N500 to the ones you buy now. But those goods we bought when dollar was high, we will still sell them at that high cost.

 

Mr. Ibrahim (Yekini Engineering Enterprises)

I would say yes and no. Agreed, the dollar has crashed but you don’t expect me to sell the air conditioner that is supposed to be sold at N70,000 for N60,000 because of that. We still have to clear what we have in the store and bring in new goods before the crash will have its effect fully.

  • SHUKURAT ALIMI and KAREEM AZEEZAT

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