As Easter approaches, many Nigerian families find themselves unable to celebrate as they typically would, grappling with the harsh reality of skyrocketing prices and economic hardship, according to a report by Sunday PUNCH.
Traditionally a time of sharing and caring, Easter festivities are overshadowed by the grim economic landscape, with families struggling to afford basic necessities. The weakened naira has diminished purchasing power, making it difficult for families to partake in customary activities such as feasting and outings.
Despite efforts by the Central Bank of Nigeria to stabilize the currency, including releasing funds to Bureau De Change operators, the prices of goods and services remain stubbornly high. This has been attributed to the persistent naira-to-dollar exchange rate and market distortions.
The impact of these economic challenges is palpable across various regions of Nigeria. In Abuja’s Bwari Area Council, staple food items such as spaghetti and rice have witnessed significant price hikes in just a matter of weeks, while in Lagos, market prices continue to soar, with essential commodities becoming increasingly unaffordable.
Individuals like Pastor Ginikachi Onuoha in Ikosi, Ketu, Lagos, express their dismay at the inability to provide for their families during what should be a joyous occasion. Similarly, Mrs. Selene Togba, a fish seller in Rivers State, laments the lackluster market activity, painting a gloomy picture of the Easter holiday.
Economists weigh in on the situation, acknowledging the lag between policy implementation and its impact on the economy. Dr. Muda Yusuf emphasizes the need for time for policy measures to take effect, while Jonathan Thomas underscores the fundamental principles of supply and demand that govern market prices.