Falling Naira puts damper on Christmas festivities in Nigeria.
Dec 29, 2015 Christmas may have come and gone, but the truth remains that it wasn’t very merry for many Nigerian.
The country’s currency, although still regarded as one of the strongest on the continent, is falling face flat against the dollar.
The currency’s decline has been heavily linked with the dwindling crude oil price, which is the country’s main source of revenue.
The drop in the Naira has effectively driven up the prices of commodities, which effectively removing the merry from the Christmas of many.
Jessica Jechira bemoaned the situation saying:
“I have not seen anything because Christmas you see many people in the market, you see people bringing children, you see old people, you see young people in the market you see plenty people, the market will be filled up but see how the market is; it’s so scanty, see our shop, there is no people but last year Christmas people was much, the market was… yes you will know that something is happening, there is something going on but this year seriously there is no money,”
The tight financial situation notwithstanding, it wasn’t entirely gloomy as Nonyelum Ejibo testified.
“There is no money in the economy but life goes on … for this Christmas I’m here to shop for my staff just to make sure I get them something for Christmas but people are not shopping the way they used to you know, shop before.”