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Gadget prices start to fall as naira pares losses
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The prices of gadgets have begun to fall on the back of the naira’s recent gains against the dollar and other major currencies, according to a market survey by BusinessDay.
Nigeria’s currency has rallied in recent weeks after falling to record lows in January and February. It closed at N1,255.07/$ on Thursday at the Nigerian Autonomous Foreign Exchange Market, according to the FMDQ Securities Exchange.
The naira appreciation has started reflecting in the prices of gadgets, which became more expensive when the naira’s fall peaked at over 1,800/$. According to several vendors at Computer Village in Ikeja, Lagos, the prices of devices and gadgets have slowly begun to fall in the past one to two weeks.
“An Acer laptop that was N450,000 in January now costs N325,000,” Precious Osy-Ijomah, a vendor at Computer Village, said.
Another vendor who requested anonymity said that a Zealot speaker that was N80,000 in January now costs N55,000.
“We used to sell a tablet for about N118,000. It costs N95,000 now. In January, prices were so unstable that the price we sold gadgets in the morning would be different from the price we would sell that same gadget in the afternoon just because the dollar rate had risen,” said another vendor who identified herself only as Somto.
When asked how he knew when to change the prices, he said their wholesalers always informed them of new prices on the spot.
However, some other vendors said that although the naira has gained in recent weeks, there will be no major price reduction until the current inventories have been sold.
“There will not be any drastic reduction in prices till September because we need to sell off the stock we bought at the high rate,” a vendor said, adding that other factors may keep prices up.
“Other factors like import duty and electricity fees will also impact prices. Electricity for N1,000, which used to be 11 units, is now four units for the same price,” he said.
Confidence Sorochi, another vendor, lamented that sales have been poor for her in recent times.
“I usually sold five to six laptops a day, but now I struggle to sell one. Although the dollar rate is reducing, marketers need to be told to reduce their prices. No matter the dollar rate, they fix the prices,” she said.
Read also: Naira now exchanges at 1,245 as BDCs await CBN to adjust rate
She added that many of the gadgets that will flood the market soon were bought at high naira rates, and this would limit the decline in prices.
“Product prices in January affected our ability to purchase, which in turn affected sales for us. We have had to pump in more capital, which has reduced our stock. Instead of 10, we now buy 5. However, when the dollar started coming down, prices didn’t rise anymore. Now, we can predict what we will meet at the market,” another vendor said.
According to the Nigerian Communications Commission, about 63 million gadgets are sold annually in Nigeria. Over 132 million unique devices were on the country’s telecommunication network in 2020, underscoring its vast digital needs.
The growth in the demand for gadgets has been attributed to the increase in the number of telecom subscribers in the country. As of January 2024, 218.11 million mobile subscriptions were on the country’s network.
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It’s Awful For Akpabio To Humiliate Female Senators, Kingibe, Natasha;– Ex-Minister Ezekwesili
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By Kayode Sanni-Arewa
Ex- Nigerian minister of education, Oby Ezekwesili, has slammed Senate president, Godswill Akpabio, over his alleged misconduct towards female lawmakers.
In a statement issued on Monday, Ezekwesili expressed concerns over Akpabio’s behaviour, citing instances where he allegedly humiliated female senators, including Natasha Akpoti and Ireti Kingibe.
Recall on Saturday that Senator Natasha Akpoti-Uduaghan spoke out about the harassment and exclusion she has faced in the Senate, citing a pattern of behaviour that began after a nightclub incident last year.
In an interview with the Brekete Family, where Akpoti-Uduaghan had revealed that she had been denied privileges, pulled out of international activities, and even had her name struck out from a United Nations event she was nominated for.
The senator claimed that she had been self-funding her trips to international events, which she believed are important for her constituents, Nigerian women, and the country as a whole.
She had also alleged that her seat in the Senate was changed to a location where she would be less visible, suggesting that this was an attempt to silence her or eliminate her from being seen.
Akpoti-Uduaghan’s allegations came after Senate President Godswill Akpabio faced criticism for his sexist remarks against her, with over 300 women groups demanding an unreserved apology.
The incident highlights concerns about gender discrimination and verbal harassment in Nigeria’s political institutions.
Reacting in her statement, Ezekwesili encouraged women in public leadership to stand strong and continue to represent their constituents, emphasising that representation matters.
The former presidential candidate, also warned Akpabio that he would face consequences if he continued to harass women in public leadership.
The statement she shared on her X handle partly read: “I tweeted last year that if not for the rottenness of our Judiciary, Nigerians would not have an @Senator_Akpabio presiding over the upper house of our @nassnigeria – the Nigerian Senate @NGRSenate.
“That statement has been given proof by Mr Akpabio himself in the nearly 2 years of his “leadership” of the Senate.
“One issue stands out. Mr Akpabio implicitly thinks that his even more accomplished female colleagues must be humiliated in order for his ego to be assuaged.”
Ezekwesili added, “Is it not a shame that one day it is @NatashaAkpoti , another day @IretiKingibe and yet another day @NatashaAkpoti that are at the receiving end of the appalling misconduct of the topmost officer of our Legislature?”
“And we wonder why Nigeria shamefully places at the lowest neighborhood of the ranking of countries on Women in public leadership , specifically Legislature at 4.4%.
“I encourage the women in public leadership to never ever lose their Voice. Continue to stand strong in your commitment to citizens and prove that representation matters.
“All aspects of data do in fact show that representation matters a lot.”
The former Vice President of World Bank (Africa Region), warned Senate President to be prepared to face what would come to him next time he harasses any woman well-elected unlike him.
“Next time Mr Akpabio harasses any woman well-elected unlike him and representing her constituency @ the National Assembly or any woman at all anywhere in this country, he must get ready. Enough said.”
Guardian
News
BREAKING: Again , Dangote Slashes Diesel And Petrol Prices
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By Kayode Sanni-Arewa
Again, the Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) and Diesel on Monday.
The refinery slashed the price of petrol from N960 to N890 per liter while diesel now sells at N1020 per liter from N1075
The latest development comes as Dangote refinery continues to ramp up production, positioning itself as a key player in Nigeria’s fuel market.
The price cut is expected to ease the burden on businesses and individual struggling with high transportation and Operational costs
News
Delta North: Court asked to declare Ned Nwoko’s seat vacant over illegal defection
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By Kayode Sanni-Arewa
The Federal High Court in Abuja has been asked to declare the Delta North Senatorial seat vacant, following the defection of Senator Ned Nwoko to the All Progressives Congress (APC).
The court was urged to direct the Independent National Electoral Commission (INEC) to conduct a bye-election in the Delta North Senatorial District within 60 days of delivering judgement in the matter.
The legal action was instituted by Senator Nwoko’s constituent and member of the Peoples Democratic Party (PDP), Marvis Ossai.
Aside from Senator Nwoko, the INEC, PDP, and the Senate were cited as defendants in the matter.
Upon the determination of the question by the court, he prayed among other reliefs, for “an order of this Honourable Court, directing the Independent National Electoral Commission, INEC– the 2nd Defendant – to conduct a bye-election into the Delta North Senatorial District of the Nigerian Senate within sixty (60) days from the date of the delivery of Judgement herein.
“An order of this Honourable Court declaring vacant the seat of Ned Munir Nwoko and cancelling his Certificate of Return issued to him by the Independent National Electoral Commission.
“An order of this Honourable Court mandating the 1st Defendant, Nwoko, to refund into the Consolidated Revenue Fund of the Federation, forthwith, all the salaries, emoluments and allowances received by him since January 2025 until the date of the final judgement in this matter.
“An order disqualifying the 1st Defendant from standing election into any elective post under the amended 1999 Constitution of the Federal Republic of Nigeria until and unless he complies with every term of the judgement in this suit.”
As well as, “An order mandating the 4th Defendant (Senate) to immediately give effect to the judgement of this Honourable Court.”
In a five-paragraph affidavit deposed to by one Ibrahim Isa, the plaintiff told the court that Senator Nwoko had on January 30, resigned from the PDP which was the political party on whose platform he was elected to occupy the Delta North Senatorial seat till 2027.
According to the plaintiff who told the court that he is from Oshimili North Local Government Area in Delta North Senatorial District, Nwoko’s continued stay in office after his defection would amount to a gross violation of the constitution.
“That since when the 1st Defendant decamped from the PDP up to the present moment of initiating the instant suit, there is never any division in the National Leadership of the People’s Democratic Party (PDP).
“That the ideology of the 1st Defendant’s new party, All Progressives Congress (APC), to which the 1st Defendant now fully subscribes, does not bear any similarity or represent the political philosophy of the People’s Democratic Party [which is the basis upon which the Plaintiff resolved to cast his vote for and elected the Defendant in 2023.
“That the conduct of the Defendant in defecting from the People’s Democratic Party to All Progressives Congress has dealt a major blow to the fortunes of the Plaintiff’s Party, the People’s Democratic Party
“That the conduct of the 1st Defendant being challenged herein if not condemned and upturned by this Honourable Court will continue to encourage political harlotry, legislative rascality and destroys the reasons for the laws made to regulate the defection of National Assembly Members by the Constitution of Nigeria itself.
“That the continuous stay of the 1st Defendant at the Federal Senate of the Federal Republic of Nigeria does no longer represent the Plaintiff’s interest or that of thousands of other members of our constituency who voted him in on the basis of our faith in our Party’s manifesto which they believed the 1st Defendant was capable of representing in the Federal Senate of the Federal Republic of Nigeria.
“That the Defendant is now representing adverse interests of the people who fought the Plaintiff’s party tooth and nail [in the year 2023] to forestall the emergence of the 1st Defendant as the Member Representing DELTA NORTH SENATORIAL DISTRICT Federal Constituency on the platform of the People’s Democratic Party, (PDP).
“That time is of the greatest essence in the instant application.
“It will be in the interest of justice for this Honourable Court to grant the prayers contained on the face of this Originating Summons.”
Meanwhile, the suit is yet to be assigned to any judge for a hearing.
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