Economy: Kwara Traders Lament Naira Devaluation Impact on Inflation

The removal of the fuel subsidy by the Federal Government has hit Nigerians hard with the spiraling price increases for almost every product, primarily due to the sharp devaluation of the naira.

This devaluation crisis has put the spotlight on the diminishing significance of 5 naira and 10 naira notes in the marketplace.

Digging into the issue, RoyalTimes uncovered a concerning trend where consumers are frequently left without change when making purchases, ranging from five naira to ten naira, leading to the inflation of product prices.

During an interview with business owner Mrs. Aminah, she revealed that it has been quite some time since she has dealt with 5 naira notes because of their dwindling value in the market. She often persuades customers to round up their purchases when using these low-denomination notes.

“It’s been a while since I dealt with 10 naira, especially 5 naira notes, and most times I often round up figures when there is no change,although customers do complain but what am I supposed to do …even in the main market our suppliers do make the same complaint. So I do beg my customers to take sweet or seasoning cubes.

In another interview with a consumer, he admitted that he rarely uses five and ten naira notes for transactions, preferring mobile payments since the naira’s redesign. He emphasized that these low-denomination notes have essentially lost their worth in market exchanges.

“I rarely deal with five naira, ten naira notes, but most times I do transfer and I noticed the naira scarcity and devaluation started since the naira redesigned period. As for me I don’t see the necessity in spending five naira, ten naira again cause it has lost its value completely in the market”

Both individuals, however, appealed to the government for lasting solutions to mitigate the impact of subsidy removal on living standards and restore value to the beleaguered currency.

“We beg the government to find solutions to our problems,cause this naira devaluation is really affecting our living standard and there is nothing we can do on our end, unless the government intervene”

According to analysts, since Nigeria heavily relies on imported goods, a weaker naira inevitably leads to increased product prices, reflecting the broader issue of currency