"Naira is Gradually Gaining its Power": Lady Awed over New Price of Generator She Bought at N350k

• A Nigerian lady, who recently went to the market, has expressed excitement over what she noticed
• Two months ago, she said she bought a particular generator at N350k and was impressed with its new price
• Her update comes as the naira continued to appreciate against the US dollar, nearing N1,000/$1 exchange rate

The Nigerian naira's impressive appreciation against the US dollar seems to be gradually reflecting in the prices of items in the market.

Nenye Uzowulu, a Nigerian lady, was impressed after learning about the new price of a generator she bought at N350k in February.

The excited lady wrote on Facebook that the same generator is now being sold for N270k in Alaba, Lagos.

While hailing the Alaba market, she expressed joy that the naira was gradually gaining power. Nenye wrote:

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"Generator I bought 350k last two months is now 270k in Alaba. Alaba dey try. Naira is gradually gaining is power back."

Goldman Sachs Group Inc. described the naira as the best-performing currency in the world in April as it neared N1,000 to a dollar.

People react to Nenye Uzowulu's observation

Martina Onyebueke said:

"Hair I bought 135k in February is now 110k.

"E pain me oo but its worth it."

Louis Cynthia said:

"I think is just the imported ones that the prices are coming down cause the locally processed ones are increasing."

Därliñgtön Älbërt said:

"I want Garri oooh to come down that's my take this morning thank you for having me ."

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Maduagwu Oluchi said:

"Even customized jewelry are dropping.

"I don't know why others are selling on a high price."

Ada Blessed said:

"Electronics has been dropping prices gradually. It's not by Alaba, it's general."

Festus Nwaamakamma said:

"God abeg ooo,make car price also reduce cus I must drive my own car this yr."

Paddy Moore said:

"The one I bought 600k December. My friend got it 1.2m last month."

Six formerly cheap food items in Nigeria

Meanwhile, Legit.ng previously reported about six formerly cheap food items that are no longer affordable for average Nigerians.

Over the past few years, there has been a notable surge in the prices of vital essential foods in Nigeria. This phenomenon took on added complexity following President Bola Tinubu's declaration of ending fuel subsidy payments during his inauguration on May 29, 2023.

The continuous rise in the costs of these staple foods, alongside other commodities, has reduced the buying capacity of Nigerians, as many find it challenging to meet their daily dietary needs.

Source: Legit.ng