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How Corona Virus Has Really Affected Lagos Island Marketers And Others Traders During This Pandemic

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It's no new thing that things haven't been the same in Lagos after the ongoing Corona virus pandemic struck Nigeria. Lagos residents have seen the increase in price of many things, ranging from foodstuffs to cloths to electronic. Though things were quite on the rise before the virus struck, prices of things increased drastically when it struck Nigeria.

From my research about items sold in Lagos Island market, most especially around Ali Street and TB Square, things sold around that area of Lagos Island are mainly electronic, office appliances and clothes. These materials are mostly imported from Asia, specifically China and India.

When Corona Virus hit different countries, it greatly affected many countries economy. It affected some a little, and others greatly. It affected our economy greatly which saw the depreciation/fall of Naira.

Though one might ask "How dose the depreciation of Naira in the international market affect the prices of things on Nigeria?". Well, it affects everything. How Naira appreciate or depreciate in the international market affects everything because majority of what we use in Nigeria are being imported into the country.

In layman's terms, when Naira depreciates, it becomes very expensive to buy foreign currencies used to purchases items abroad. Most of the companies abroad don't transact in Naira. They either transact in Dollars or in their local currency in that country.

So, when Naira drops, it becomes very expensive to buy Dollar, meaning the marketer has to pay more in order to get the goods they want to purchase. Since they're not Santa Clause, they add the extra money they spent to the price of the goods, thereby spiking the price.

So you see, this is one of the ways prices increased during this pandemic. Other reasons it increased is when the border was closed, products became scares thereby increasing the price of the goods.

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