The prices of phones and computers have continued to climb even as economic downturn continues to bite harder. A visit to phone shops across the country confirms that a lot of these products have added a substantial amount.
Despite the fact that people are losing their jobs across the country and indeed the world and there is now little disposable income for a lot of people, prices continue to climb because of the attendant inflation brought about by the shutdown of some lines of production in some countries where these products are manufactured.
There is also the fact that shipping has also slowed down across the world as the shutdown affects logistics companies, despite the fact that they have been given the status of essential services and only a limited number of airlines are allowed to fly.
Meanwhile, one of the cardinal reasons for the price increase is because of the precipitous fall in the value of the Naira against foreign currencies. This is as a result of the fall in value of oil which is the mainstay of the Nigeria economy. These items are imported from abroad with foreign currency.