Very revealing – the Nigerian nation is updating the price of the international passport of its citizens as Naira deterioration makes that a necessity: “In a significant policy shift, the Federal Government of Nigeria has officially announced an upward revision of passport fees for citizens residing within the country, set to take effect on September 1, 2024. Under the new pricing structure, the cost of obtaining a 32-page passport booklet with a 5-year validity will rise from N35,000 to N50,000. Similarly, the fee for a 64-page passport booklet with a 10-year validity will increase from N70,000 to N100,000.”
Yes, the Nigerian passport is an imported product (the core raw material is not made in Nigeria), and even though those OUTSIDE Nigeria will not see any change in their US dollar prices, those in the country will pay more NAIRA considering that Naira has lost value.
Hope people will not sue the country in the same way we have been suing DStv and other brands. But here is the deal, tapping an African proverb: when a bird flies from the ground and perches on the ant-hill, it is still very much on the ground. By devaluing the Naira, even the Nigerian nation will need more Naira to run its business.
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