While the Central Bank of Nigeria (CBN) has put stringent monetary policies in place, the prices of goods and services are steadily rising throughout the country. It’s no secret that we Nigerians love to attend weddings, and spend whatever is required to put on exciting event.
As such, asoebi is essentially ubiquitous but in light of rising prices, how is the rising cost of asoebi impacting the merchants who sell the cloth? Since the fall in global oil price started in 2014, Nigeria, dependent on oil for about 75 percent of its revenue and 90 percent of foreign earnings, has been one of the hardest hit countries. The value of the country’s currency also depreciated to a 45-year low at N305/$1. Business owners who are directly involved in buying and selling goods are struggling to access foreign currency for their business transactions. Many lament that they spend more Naira to purchase the same quantity of goods they used to. In Nigeria, the fabric business is one of the most lucrative businesses in the popular Lagos Balogun market. However, traders are complaining that currency restrictions have affected the price of goods.
 

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