Naira devaluation keeps Nigerians off Dubai markets – dailytrust

The increasingly declining value of the naira has triggered an over 200 per cent increase in prices of goods in Dubai markets prompting many Nigerians to pay more for goods purchased in the Arab country.

Dubai, United Arab Emirates (UAE), has been a foremost trading and holiday destination for many Nigerians but the value of the naira is now making the place a no-go area for many of them.

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Earlier, in the year 2016, a US dollar was between N310-N300 at the parallel market but at the moment, it is over N450.

This has constrained many traders and even shoppers who were used to going to Dubai as prices of goods have now skyrocketed.

Our correspondent who visited some malls and markets in Dubai reports that though the prices of goods may be relatively moderate but they are on the high side when converted to the naira.

The Dirham, which is the official currency of the UAE, is equivalent to N145 and 3.6 dollars.

For instance at an Aldo store inside Dubai Mall, a ladies pair of shoes that costs 275 dirhams is equivalent to N38,400 or about 85 dollars.

Some pairs of male slippers priced at the same Aldo store cost between 75 to 225 dirhams while at a perfumery visited by our correspondent, an average perfume goes for 450 dirhams or N65,000 or more.

“Ordinarily the prices are not that outrageous given the quality of what you buy here but for the value of the naira that has gone to a ridiculously low level. That is why it is not accepted at the international market. Imagine the dollar which used to be N195 but is now exchanges for over N400,” said Mrs. Grace Akpan, a business woman.

Irriz Pamela, an attendant at one of the stores in Dubai Mall, said their products are not over priced as some people insinuate.

Meanwhile, the scramble for cheap forex at Travelex outlet at the Murtala Muhammed International Airport (MMIA) continues as some travellers accused the personnel of the company of engaging in alleged bribery activities in the process of selling the foreign currency.

Daily Trust reports that the rowdiness still remains the order of the day at Travelex outlet which is selling dollar at N370- N380 as against N450- N470 at the parallel market.



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