As the tension of the COVID-19 pandemic dwindles and ebbs towards its last days, hopefully though, the federal government of Nigeria has resolved to open airport activities and by the 29th day of August.
The implication of this to business owners is that there is a good chance that the value of the naira may be less affected. This is at least the popular speculation amongst Nigerian business owners. Recall that the value of the Naira has been greatly affected by the global pandemic. Dollar to Naira now exchanges at 472 in parallel market and 382 at the official rate. The same effect is spelled out in the Chinese Yuan where the Naira is seen to have dropped in value from 52 Naira per RMB to 70 Naira now.
Apart from the devaluation of the naira, the cost of logistics (international logistics) has also skyrocketed, especially goods transported by cargo planes. This of course is due to the lockdown on airports in most parts of the world. Nigeria airport has been shut down since March and only cargo planes have been allowed to fly ever since. Since there are no passengers to augment the goods, the cost of flying by airline operative is now transferred to the goods. This has resulted in the increment.
Apparently these are the cause of the increase in the prices of goods in the general Nigerian market. Nigeria, being a consumer nation, importing most of its goods from China and many other parts of the world, has suffered a lot as a result.
The easing of the lockdown has however restored hope to the heart of most business owners. And in a short time, things will normalize as hoped. A lot of businesses have folded up, or in the least, downsized to cope with the hardship that swept through with the Covid-19 global pandemic. Seeing that the international airport will be opened fully for operations from August 29, it is hoped that all the increments in the price of goods will go back to normal soonest.
Good to Know you are st oper ??