Residents of Apo in the Federal Capital Territory Abuja have complained severely about the consistent surge in the price of goods and services despite the drop in the cost of the naira against the dollar in the exchange rate market.

Recall that over the past few months, prices of goods have generally increased and this was attributed to the rise in the exchange rate of the Naira to the Dollar.

In separate interviews with Kristina Reports, some buyers at the Apo Fish Market, Apo Resettlement, Abuja, noted that the prices of foodstuff and other goods and services seem to have remained static or even increased despite the dive in the exchange rate.

Naira firmed up against the Dollar from about N1,900 to N1,300 even when the traders had given the Dollar increment at the time as the reason for the hike in their products and services.

They noted that they were excited at the news of the drop in the exchange rate and as such had expected goods such as foodstuff, clothes, building materials to have become more affordable but, so far, the reverse has been the case.

According to Mrs. Obianuju, she had rushed to the market upon learning about the drop in the exchange rate hoping that she would be able to stock up her home at a cheaper amount that she did the previous time but was shocked that the prices had either remained the same or increased.

“Last month when I came here I was told that one bag of rice is about N70,000, I couldn’t afford it, so I left and instead bought two modus at N2,400 each.

“When I heard that the Dollar was like N1,300 I came back hoping that it was cheaper because look at it now, from N1,900 to N1,300, I was so sure that it would be cheaper.

“I could not believe my ears when she said the price of the bag of rice had not reduced and when I went to buy in modu again it was 2700 for each. I shouted but i still had to buy because which other choice do I have?”

Jennifer Opeyemi spoke very passionately about the consistent increment in the price of hair extensions.

“In December attachments were like N2,500 and I was complaining but I bought it. The women I bought from told me that it was because of the Dollar rate and that they were sure it would reduce when the rates reduced.

“Today, rates have reduced and I am buying attachments at N5,000 for a packet, double the price it was some months back. It is unbelievable.”

Mrs. Sarah, who sells grains such as rice, beans, guinea corn, etc., explained that the reason it looks like goods are not getting cheaper despite the reduction in exchange rate is that a lot of traders still had their old stock which they bought when Dollar was N1,900, stressing that customers should not expect the reduction in prices yet.

“Some of us still have old stock in the shop. If we go to restock and the price has reduced, we will definitely sell cheaper. I am not a thief i don’t like to cheat people.”

She also explained that even at the point of restocking, if the suppliers still sell at the whole price, she will not have a choice but to buy and so the customers have to share the burden with them.

“If I go to restock now and they are still selling at the price that I bought this old stock, I will still buy because I will not shut down my business now, so the customers have to understand. It is not our fault.”

However, both buyers and sellers complained about the high cost of living and pleaded with the government to come to their aid as survival was becoming more difficult by the day.