On inflation

Gone are the days when parents used to interrogate their children in order to know if they had had enough food. These days, parents just give their children the quantity of food they can afford, not necessarily what the children need to eat to be fully satisfied.

The truth of the matter is that inflation in the country has morphed into crisis between prospective buyers and sellers in markets these days.  Incessant inflation causes a decline in the value of the Nigerian currency, leading to its devaluation.

It is saddening that while the salaries of workers are not increasing, the prices of essential commodities are skyrocketing in the markets on a daily basis. In recent years, a bag of cement was sold for N1,800. Currently, however, it is sold for as much as N4,000. The foreign exchange rate is not helping the situation as it devalues Nigeria’s currency at all times.

The irony of it all is that money-conscious traders are now taking advantage of the market situation and the exchange rate to sell their goods at exorbitant prices. For instance, I have seen a vendor of locust beans complaining about the exchange rate and linking the increase in the prices of her goods to it!

The management of Nigeria’s apex bank and the managers of the economy should not fold their hands and watch as the situation degenerates further. There should be stable prices in Nigeria’s markets like in the developed nations.

Rev. Oladimeji Michael Olalekan

Ibadan.