NIGERIA DAILY: Why Prices Are Still On The Rise Despite Appreciation Of The Naira

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The persistent rise in food and commodity prices despite the appreciation of the naira has become a source of significant concern among Nigerians.

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This is against the fact that when there was a slight depreciation of the Naira, the cost of commodities immediately went up.

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And the traders lay the blame on the rise in the dollar to Naira exchange rate.
Why is this happening?