Naira Devaluation and Customer Patronage of Consumer Goods in Onitsha Main Market, Anambra State

Naira devaluation remains a persistent economic challenge in Nigeria, affecting consumer purchasing power and business profitability. This study examines its impact on customer patronage of consumer goods in Onitsha Main Market, Anambra State. Specifically, it explores (i) the relationship between acute foreign exchange scarcity and convenience purchases, (ii) the effect of crude oil production instability on customer loyalty, and (iii) the influence of economic diversification on customer satisfaction. A survey research design was adopted, with structured questionnaires distributed to 336 shop owners, determined using Taro Yamane’s formula. Data were analyzed using Pearson correlation and simple linear regression in SPSS 23, while ANOVA was used for hypothesis testing. Findings revealed a strong positive correlation between foreign exchange scarcity and convenience purchases (r = 0.813, p = 0.000), indicating that worsening forex shortages push consumers toward convenience over cost-effectiveness. Crude oil production instability significantly impacted customer loyalty (r = 0.635, p = 0.000), reducing brand commitment. Additionally, lack of economic diversification negatively affected customer satisfaction (r = 0.713, p = 0.000), leading to price instability and limited product availability. All three hypotheses were rejected, confirming the significant impact of these economic factors on customer patronage. The study concludes that Naira devaluation disrupts purchasing behavior and market stability. It recommends business diversification, local sourcing, flexible pricing strategies, and consumer education to mitigate these effects and enhance resilience in Nigeria’s commercial hubs.