The personal experience sometimes is very instructive. on the 17th of May 2016 i got a Samsung J200 galaxy phone. for Thirty-six thousand Naira (=N=36,000.00) a Collegeau of mine wanted the same kind of the device because of its sleekness and affordability.
Due to personal reasons, i prefer to purchase my gadget from an authorized dealer shop to be able to get full benefits and warranty if there is any. Exactly four Months from the date i bought my phone. We got to authorized Samsung dealer's shop the same Phone is offered for a whopping fifty thousand Naira! (=N=50,000.00) Economically, that is around 72% increase in Price.
The current hike in prices of goods and services is a result of Lack of forex. Only Yesterday it was reported in the news that almost all the airline company have stopped Online booking and reservations.
Commercial Banks in the Country are seriously considering shutting down some unprofitable Branches. This to me is a serious indication of economic recession. We are not out of the wood yet as profess by the Central Bank Governor Mr. Godwin Emefiele .
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