AN OPEN LETTER TO TRADERS

Dear Traders,

You may wish to recollect that the naira started appreciating since February 21. As at last week, it had appreciated by about 20% from N520/$1 - N425/$1.

You may also recall that the prices of your goods and services skyrocketed immediately the naira started depreciating and we witness this nasty situation for months.

Now that the naira has started gaining exponentially, we need to see your prices fall significantly. We need to see the impact of the depreciation of dollar and other foreign currencies in our markets now.

We did not make this demand earlier because we know, if we did, you would claim that you were still selling your old stock. It is now about 2 weeks. So, you must have exhausted your old stock.

So, we want to see a huge decrease in your prices. If you refuse to decrease your prices or if your decrease is not proportionate to the appreciation of naira, we would be left with no option but to believe the government that you were the cause of the inflation we witnessed for months.

Audu Bulama Bukarti
06/02/2017