Forex: Phone prices skyrocket in Lagos shops – Daily Trust

dollar to naira

Indications have emerged that the prevailing exchange rates have forced the prices of phones in most shops in Lagos to go up.

Our correspondent, who visited some phone shops in the state report that prices of the product have risen by over 20 percent due to the foreign exchange challenge in the past few weeks.

At the popular computer village market, it was discovered that prices of smart phones have skyrocketed due to the unstable foreign exchange rate.

A sales manager at one Techno shop, who asked not to be named, said the unstable exchange rate has significantly contributed to the high price of smart phones.

“You can imagine a Techno Camon C8 that used to sell for N36,000 now goes for N41,000. The situation is getting terrible,” the sale manager said.

Mr. Okechukwu Umeh, a phone dealer in Okeson Technologies, lamented the unstable foreign exchange and urged the federal government to do something fast if the prices of things, especially smart phones, are to drop.

He said that the continuous depreciation of the naira against major global currencies, was one the reasons why they were jerking up prices of devices.

Umeh noted that Infinix Note 2 that he used to sell at N39,000 now goes for N47,000.

Another phone dealer, Mrs. Hanah Isoken also ascribed the high cost of smart phones to the fluctuation of foreign exchange rate.

“When you buy the phone from overseas and you convert the amount you bought to naira, the price will increase, so you can’t expect us to sell lower than what we bought,” she said.

Isoken added that the increase in the price of smart phones has affected patronage in the market as customers now come in trickles.

A patron, Mrs. Funmi Abiola explained that people cannot buy phones when they are hungry, stressing that: “Before you could hardly find space inside this outlet. People don’t have money to throw about anymore.”

Another consumer, Mr. Tunde Olanrewaju, said people no longer buy smart phones because of poor circulation of money in the economy.

“I am a smart phone freak and I make sure that I change my phone every four months to get the latest one, but I cannot try that now. The economy is bleeding,” Olanrewaju said.