iPhone now N1.32million in Nigeria, as inflation and dollar rate surge
The elevation of the well-branded Apple iPhone as a status symbol has been further confirmed with the announcement of the hefty N1.32 million price tag for the latest iPhone 14 by iStore Nigeria.
A price announcement from the exclusive Apple outlet showed a price range from N1,032,000 to N1,329,000 and climbing. This is the first time that a mobile phone device has ever crossed the one million Naira mark.
The question from brand analysts and marketing strategists is whether this record price is a function of Apple’s clever public relations and branding or a reflection of currency induced run-away inflation and the status- obsessed Nigerian market.
In the price announcement of the latest iPhone, the Apple iStore listed the phone’s major features:
- Vital safety technology—Crash Detection calls for help when you can’t
- 6.7-inch Super Retina XDR display
- Crash Detection, a new safety feature that calls for help when you can’t
- Advanced camera system for better photos in any light
- Cinematic mode now in 4K Dolby Vision up to 30 fps
- Action mode for smooth, steady, handheld videos
- All-day battery life and up to 26 hours of video playback
- A15 Bionic chip with 5-core GPU for lightning-fast performance. Superfast 5G cellular
- Industry-leading durability features with Ceramic Shield and water resistance.
- iOS 16 offers even more ways to personalize, communicate, and share.
With the local naira currency now exchanging for almost 1000 to $1, prices for phones, foreign travel and other luxury items can only head in one upward direction.