Tough Easter: Despite Naira Gain, Food Prices Remain High

Easter festivities in Nigeria are clouded by economic woes as soaring food prices dampen the holiday spirit.

Traditionally a time for family gatherings and feasting, Easter has become a struggle for many Nigerian households due to the relentless surge in the cost of goods and services, outpacing the recovery of the national currency.

Despite efforts by the Central Bank of Nigeria to bolster the naira’s value, including the recent release of funds to Bureau De Change, the prices of essential commodities continue to escalate.

Pastor Ginikachi Onuoha of Ikosi, Ketu, Lagos, expressed dismay at his inability to provide for his family this Easter. “It was yesterday (Thursday) that my wife was asking me what we are going to cook for Easter. I just laughed and told her to manage what we have,” he shared.

Similarly, Mrs. Selene Togba, a fish vendor in Rivers State, noted the stark difference in this year’s Easter season, remarking on the subdued market activity compared to previous years.

In the capital city of Abuja, residents are feeling the pinch as prices surge. Mama Goddy, a yam seller, cited transportation challenges and market scarcity as factors contributing to the hike in prices.

Further exacerbating the situation, traders in Ogun State reported sustained high prices, with staples like rice and beans witnessing significant increases compared to previous years.

Economists weigh in on the situation, attributing the lag in price adjustments to policy implementation and market dynamics. Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise, highlighted the time needed for policy impacts to materialize. Similarly, Jonathan Thomas of Sankore Investment Limited emphasized the intricate balance of supply and demand in determining market prices.

As Nigerians navigate through this challenging Easter season, the resilience of households and the economy will be put to the test amidst ongoing economic uncertainties.