The CEO of Accolade Jewellers, Kolade Adebajo Taiwo, has lamented that the high exchange rate between the American dollars and Nigerian naira, has negatively impacted the price of gold in the local market.
Speaking in an. Interview session with reporters in Lagos, Kolade Adebajo Taiwo, said that the prevailing harsh economic conditions, have made the price of gold to shoot up, beyond the reach of customers.
According to the jewelry producer and seller, “business has not been rosy as the price of gold has gone up and when you put into consideration the challenges in the economy and the low purchasing power, you can better appreciate what I am talking about.
“Besides, the dollar rate has also added pressure on jewellery business in the country as what goes on with the American dollars, will always impact our business.
“If the exchange rate between the American dollars and Nigerian naira is low or normal, business will be fine but what is going on now, is seriously taking a toll on this sector of the economy “, added Taiwo, who was born in Surulere, Lagos and attended the University of Lagos.
On what prompted him into the business of jewellery, the CEO of Accolade Jewellers said the business has been a family business, adding that, ” my grand father and uncle were also in the business but “I was the one who hustled my way up”.