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Forex has affected price of gold, says, CEO’s Accolade Jewellers, Kolade Taiwo

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Chief Executive Officer of Accolade Jewellers, Kolade Taiwo

The Chief Executive Officer of Accolade Jewellers, Kolade Taiwo, says that high exchange rate has affected the price of gold in the local market.

Taiwo, during an interactive session with newsmen, stated that the prevailing harsh economic condition made the price of gold to rise beyond the reach of some customers.

His words: “Business has not been rosy, as the price of gold has gone up. When you consider 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 the jewellery business in the country, because what goes on with the dollars will always impact on our business.

“If the exchange rate between the dollars and naira is low or normal, business will be fine. But what is going on now is seriously taking toll on this sector of the economy,” said Taiwo.

The jeweller, who is seeking solution to the dwindling fortune of the country’s currency, noted that the precious stone trade “run in the family,” as his grandfather and uncle were also in the business.


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