CEO of Accolade Jewellers, Kolade Taiwo.
The CEO of Accolade Jewellers, Kolade 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 with reporters in Lagos, Kolade Taiwo said the prevailing harsh economic conditions have made the price of gold to shoot up, beyond the reach of customers.
According to the jewellery 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.
He added that “my grandfather and uncle were also in the business but I was the one who hustled my way up.”