Nigerians struggle with the ongoing impact of inflation, devaluation [Yahoo! Finance]
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Source: Yahoo! Finance
The latest official inflation figures rose to 34.6% last month — a 28-year high. But Nigerians who spoke to Semafor Africa said the situation feels even worse because prices change from day to day, making it hard for households and small businesses to make plans. “The costs of buying fridges from importers and transporting them to our shops has been too expensive,” said Promise Ikechukwu (pictured), a refrigerators and freezers retailer in the Surulere neighborhood of Lagos. He blamed the current government of President Bola Tinubu for the challenges he faces. “During Buhari's regime, we bought double-door fridges for 250,000 naira and sold them for 300,000 naira,” he said of business under Tinubu's predecessor. “Now we buy for 450 and sell 500.” Another businessman told Semafor Africa that he and other businesspeople he knew have had to focus on valuing assets at the current cost of replacing them rather than their original purchase price. In some cases they have to anticipate w
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