No nation has ever succeeded in taxing its citizens into prosperity. The foregoing wisecrack becomes apposite in describing the challenges facing businesses lately as they are made to bear all manner of overhead costs, which they end up passing to the final consumers.
In June, the Central Bank of Nigeria adjusted the value of the naira to exchange to the dollar at N381, as part of measures to converge the nation’s multiple exchange rates and ensure stability. Although the CBN did not officially make its position known, data obtained on the website of FMDQ OTC Securities Exchange on the CBN official rate showed a 5.54 per cent change from N360/$ to N381/$.
Take air transport for instance, the Federal Airports Authority of Nigeria last Monday hiked the toll rate of pre-paid users accessing the Murtala Muhammed International Airport , Lagos, by 300 per cent. The one-off yearly renewal that erstwhile cost N10, 000 per private vehicle, now costs N40, 000.
If airfares shot to the roof tops, the prices of retail goods, staple foods, etal, were also not left out as most of the household items which are regular features in family menu such as beverages, dairy products, sanitary wares, detergents, have had their prices hiked tremendously.
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