Prices of mobile phones in Nigeria have jumped by about an average of 100 per cent in the last one year due to skyrocketing inflation in the economy.
This formed part of the findings of Daily Trust’s investigation involving asking Nigerians prices of their phones as at when they bought them and comparing the reported values with the current prices as displayed on major online shopping outlets.
Reflective of high rate of inflation in the country, the investigation showed that Iphone 6 which reportedly sold for N155, 000 as at April 2015 now costs N235, 000 on Jumia, one of Nigeria’s leading online outlets.
The 152 per cent rise in the value of Iphone 6 over time reflects the 246 per cent difference in terms of the value of inflation as at April 2015 and January this year. The National Bureau of Statistics (NBS) reported that Nigeria’s inflation rate was 7.6 per cent As at April 2015, being 11.12 per cent lower than the 18.72 per cent recorded in January, 2017.
Checks showed that Nokia 105 Dual reportedly bought by a Nigerian at N2500 in November 2016 now sells for N9, 900 on SLOT website as at yesterday, representing 396 per cent rise in price over time.
Daily Trust found that as at March 2014, a Nigerian could afford to buy two Nokia Lumia 550 phones at the current price of N32, 000 it sold yesterday on SLOT website. The same phone sold for N15, 000 in April 2014, being 213 per cent change in price. Between December 2015 and yesterday, the value of Galaxy Core Prime phone had skyrocketed by 282 per cent, increasing from N39,000 to N109,999, largely due to unprecedented rise in exchange rate.
As at yesterday, the Central Bank of Nigeria (CBN) exchanged one dollar for N304.5 but acute scarcity meant it exchanged for N503 at the Bureau De Change rate, which is more accessible to importers than the official rate. As at the end of 2015, official exchange rate in Nigeria was N282 and the gap in price at the Bureau De Change was not more than N300.