By Anita Ibrahim Wudiri
The rate at which the Nigerian economic system is depreciating due to inflation is alarming and this has caused a dilemma for parents and business owners across the country especially now that the Festive period is fast approaching.
The inflation had caused a strain on the budget of parents and is equally causing anxiety and uncertainty.
In this news report, we would be exploring the challenges the parents’ face, their concerns and the strategies to employ so as to have a merry festive season.
The hike in the exchange rate from US Dollars to naira, the drastic hike in fuel price, and also the custom duty has left parents and business owners in a dilemma especially now that the festive season is fast approaching.
As at 12 noon, Monday, the exchange rate of US Dollars to naira is N1,050 the price of petrol per liter is between N580 to N617 per liter and from N800 to N850 per liter at black market.
In a recent interview with some business owners revealed that the business owners are complaining on low patronage, increase in transportation costs, unstable price of items even to wholesale vendors, customers pricing items below cost price among others.
At the other hand, parents and guidance have also shown concerned on the hike in prices of goods and services especially as they plan towards the Christmas season.
Some of their concerns are the increase in the price of foodstuff, children wears among others.
Some parents are already making plans to cut down on the usual festive activities of the season while others are putting plans on hold and hoping to see a positive turnaround in the economy as the festive period is fast approaching.
Even after hearing the concerns of parents and business owners, it’s imperative for everyone to make a prospective plan and keep a positive mindset hoping that despite the economic challenges, this Christmas season would be blissful.