Forex Alone Not Determinant Of Commodity High Prices – Expert


By Emmanuella Anokam

An Economist, Dr Chijioke Ekechukwu says Foreign Exchange (Forex) is not the only determinant of high prices of goods and services.

Ekechukwu, who is the Managing Director and Chief Executive Officer, Dignity Finance and Investment Ltd., told the News Agency of Nigeria (NAN) on Tuesday in Abuja.

The expert listed the high cost of petroleum products, scarcity of food as a result of security challenges, among others as other determinants of high cost of goods and services.

NAN reports that Naira has been fluctuating at the official market, trading between N1, 300 and N1,240 to a dollar.

Ekechukwu, however, said that the crash of the dollar being experienced currently at the official market might not have significant effect on the prices of commodities.

“Traders still have stock of goods bought at a high exchange rate.

“The Naira only gained traction in the last two weeks. It is a short period therefore to ascertain stability. Fear of instability of Forex…

Source: News Agency of Nigeria