Prices of food items and other commodities have increased in many border towns and most of the country’s cities as the borders remain partially closed.
The partial closure is as a result of joint security exercise conducted by the customs, immigration, and other security outfits aimed at securing Nigeria’s borders. The exercise started on August 20.
The authorities said the security exercise was called at the instance of the National Security Adviser (NSA).
Daily Trust reports that many Nigerians who do trans-border business have been experiencing difficulties in carrying out their trade.
This has forced them to cut their demand even as they increased the prices of their little stocks, our reporters learnt.
Worst hit are residents of border communities where prices of food stuffs and other commodities have soared.
In some border communities in Ogun State, petrol was even sold for N350 per litre, instead of government regulated price of N145/litre.
Also in border communities in Kwara state, petrol price that used to be N160 is now being sold for between N200 and N400.
The increment in petrol price in the areas has also led to hike in transportation fare which has also affected the prices of locally produced food items like yam, yam flour and others in most towns in Kwara State.
‘Closure blocked smuggling of petrol’
But a renowned financial expert Mr Bismarck Rewane said the closure of the border has forced the price of petrol down to N144 per litre.
Mr Rewane, who is the Managing Director and Chief Executive Officer of Financial Derivatives Company Limited, in a report he presented at the monthly Lagos Business School’s executive breakfast meeting for September, also said the closure had blocked smuggling of petrol to the neighbouring countries.
Rewane said the development showed that part of the nearly 60 million litres of petrol said to be consumed daily in Nigeria were smuggled to the neighbouring countries.
He also revealed that diesel price has also crashed to N210 per litre from N250/litre.