Topic: Law of gravity no de apply for di prices of goods inside Nigeria (Read 263 times)

I must say you have this perfect fit for the topic regarding what is happening in Nigeria, at least on a figurative note. Nigeria is such a country that is like no other, nothing works here, and the little that is trying to follow the natural course of economics like the exchange rate, the CBN through EFCC and other state actors have started manipulating it to the point that they jailed and threaten many FX dealers into submission and as a result are now quoting their (FX dealers) price below the official exchange rate which is not happening in other countries of the world. Our leaders will never solve Nigeria's issue from the source which is to bring in more FX to our nation. How would they do this, it's by building the investors' confidence, curbing insecurity and terrorism and most importantly helping us to change from a consuming nation to a producing nation, and also fulfilling all foreign obligations and paying all FX debts.

These alone are enough to quickly drop the NGN to below N250 against $1 in no time. Are they doing it or giving us hope regarding such? No, of course, they are just doing gragra but to no any solution. I dare them to continue like this, whether they like it or not, $1 will hit N2,000, and that is what we pay when we did not uproot the weed from the root but cut it from the head. As for the indirect proportional nature of goods and services in relation to the FX they lied on, this exposes our selfishness as Nigerians. This is no longer the blame the government will absolve but the shame of an average Nigerian trying to be smart but selfish against the economy of the nation.

The only reasonable explanation I fit give be say, inside this country wey we dey or should I say 'inside this nivear, anoda nivear dey inside '.
While government dey secure their policies, marketers and independent suppliers dey get their own policy to make profit no matter how government manipulate price reach.
 Since the removal of subsidy, we expect this to happen because we know say e no get how the economy go fit stable again seeing that the person wey even become president do mago mago take enter there.

Fuel scarcity is one of the causes of hike of goods, sometimes our Naira may gain value but when fuel price goes high or remain the same even while Naira gains against dollar, you'll see the coat of transportation remaining stagnant. I don't really blame the transport companies or cab drivers for not reducing the cost of transportation due to the cost of fuel currently and traders too have to increase the prices of their good based on the current transportation fee nation wide.

 But then I don't think scarcity of fuel is the only cause of hike in price of goods, sometimes greed also plays a role too, there are times when there's no fuel scarcity and Naira gains against dollar but then instead of some traders to reduce the price of goods, they'll end up selling more than the previous price and claim they're yet to sell their old goods some traders would even want to sell double the previous price if they're given an opportunity which is bad.

 That's the height of it all, we all are praying for a change but the change begins with all of us, I'm fully aware that our governance of this country is poor and their are many sectors that needs to be attended to for things to get better but we citizens have a role to play as well for out country to get better again.

Who dash monkey banana to take lick and jollificate for where him dey, see this thing wey you talk i don dey reason am too because this we country anything wey go up no dey gree come down again based on say no better community wey dey monitor price of things and rest, the wey we country be if we start to dey look at how things be you go see say nothing good come out what about fuel, when the price moved from 60 naira enter 80 naira we dey think say price go reduce from their e enter 120, from there e enter 180, from there e enter 220 after some while enter 300 yet we dey hope say things go better. In fact nothing fit change that law of gravity wey dey nigeria.

Dis fuel price hyke na anoda reason for di prices of goods and services to de skyrocket, now to enter motor for short distance na double di money dem de collect now. Di prices of food items de high everyday, e come be like say na only chop money person de hustle for, even wen e be like say naira value de appreciate, still price of commodities de go high. We de always cry for bad leadership for dis country, and new administration go enter and give us fake promises, den di economy go de worse pass as dem meet am, I no know which way Nigeria, de go, even people don tire to pray sef, but na only God, go fit to help us make we get beta leaders wey go move di country forward, because no be everybody get di money to japa.

I swear, na law of gravity no dey exist for Nigeria o, anything wey don go up no dey come down again, once up na up, instead of down na still up up e go dey go and dem no care o, instead dem go dey talk say no be their fault, either dem go put the blame for dollar head or the production industry, and the worst part be say once person increase e price of goods, everybody don follow o, nobody won do good or live a good life o, everybody won get excess gain, lol, we dey very very funny for this country ehn, and even if u say mk u complain, na we dey complain and na still we go settle the matter by ourselves but I just dey pray mk God just dey help people because this law wey dem no dey apply like this, dey really affect people in different ways o.

This one is so true, like they would increase price and blame it on dollar and when you check dollar has returned back to normal and things are still well expensive, the new thing that all the retailer learnt is that when you increase your price never increase it, everything now dey go ahead ahead.

Im blaming everything on fuel scarcity and increase, transportation is so espensive these days so the average retailer has no choice than to also increase their price to be able to make some gain out of it, fuel is chasing 1k per liter like say na dollar, I just week, very soon the average transportation price a day for anyone would be 2k for very short distance like from mile 3 ph to location ph.

I understand that the cost of transportation do affect the selling prices of goods, but not to the extent that our Nigeria traders are doing. Most of them that are buying things from the North, don't pay for the full lorries or trucks, they contribute money with other traders who are also buying to get the good down here. Sometimes it will surprise you that some of them pay as low as 20k for their load, but they will be complaining as if they paid for the full truck on their own. It is just the wickedness in the heart of people that's causing some of the hardship we are experiencing in this country.

Price now at 1,573 per dollar. Make we no dey play, dem never get am right until they do, it will keep fluctuating higher.


How funny wey CBN people dey. Dey are using money to pursue money, na more inflation na. If dem like make dem dey sell dollar direct to BDS people, it doesn't stop exchange rate to dey favour dollar because of demand and supply. The demand for dollar dey high so it will keep making more naira to chase for few dollars available. People need to import stuff and dem need dollar to do that. If government no begin do electricity then production will still be no where.


But if dollar reduce and fuel, diesel, gas price wey get direct effect on majority of the local business people wey no need dollar to operate no go down then price won't go down. People dey sell old stock for new price and dem go tell you say dem no go fit buy new market when dem go market. So petroleum price need to drop before local businesses go justifiably go down.

This is now a normal thing every Nigerians is aware of. Regardless we move. The problem is that the only set of persons that have advantage since the price do not go down are business owners and people who render services just like work men. Since you can increase the price of your goods and services you can still keep up to with the standard of living you are currently and with time find a way to go higher.

But salary earners are suffering so much. There salaries do not increase alongside the price of goods and services. One way to harness this situation is to make an agreement with an employing company for payment to be made in dollars. This will help. Since everyone is giving excuses with the dollar price hike but salary earners cant. The truth is purchasing power affects them the most.

Lol I dey talk this thing everyday! What goes up no dey come down for Naija o, it stays up and only goes further up!

Nothing like law of gravity for our we country o, anything wey don up if dollar rise na there e don remain o, e no go ever come down, I don't know if Nigeria no dey law of gravity for school or I don't know if I go say another motto for Nigeria na forward ever backward never, ahead we go, na only God dey help us for this our country o, na e make I say make dollar continue dey rise self, cause no need to come down wey be say we no dey benefit from am so make e dey rise dey go up, I even dey for dream wey dollar don reach 9000, how I wish say e go come true, the people wey I dey pity pass na people wey dey depend only on salary, salary self no be for dollar na with our currency because e no go do reach anywhere, e go still dey make person dey owe owe debt so who dey work for Bitcointalk talk no know wetin God do for am o.

The law of gravitational force can never be applicable here because the government doesn't have what it takes to control that, lets take for instance if you buy a goods in Nigeria at a very high cost the government can not determine for you how much to sell it even if the goods price comes down within that time frame, the price control in any country starts from the producers to the retailers.

If the government fails to tackle the price control from the up then they won't get it right and goods can never drop in price, no matter how we yan or shout Nigeria is doomed, every one has the monopoly of doing what the like as far as market settings is concerned because on the inability of the government to monitor price listing.

Most reason why they claim local goods are even costly is because of the cost in transportation of importing those goods. Most goods are produced from the North which needs a whole lot of fiance to help import to other parts of the country. Meanwhile some still sees it as perfect opportunity to gain a lot which is really affecting us.

Actually if the value of the currency increase, the thing go sweet everybody, because the price of things go surely come down but e no go dey the same as the previous and main price, for now I believe say na because of say the naira still dey fluctuate naim make. Na the joy of every Nigerian to see the currency get value but with the way this Mr bayo dey handle things, e no go good at all, e just dey use em oil hand take clean white shirt. The consequence of this em actions na be say we no go fit access p2p for any exchange again, because the charge wey he gum binance go make every other exchange run, and the worse thing na be say na the biggest exchange e target do why the smaller ones no go fear, com commot Nigeria for their p2p?

Nigeria, na country of opportunists, immediately marketers hear of any increase in prices of other items na so dem too go rush increase price, but if the reason for di prices of goods come correct itself dem go still de sale at high price to make too much profit at di detriment of dem fellow country people. Normally you go reason say na only prices of foreign goods wey concern dollar exchange go high in price, but locally made goods na im de cost pass now, as e be now evendo say naira begin de appreciate now, make we just get used to di high prices, because our business people like profit too much. I hope say after dis recession our government go help di masses to regulate prices of goods and services, just like dem de try do with cement manufacturers.

You can see the kind of country we are that the government is not even making any effort to make things better.  Because of the increased of dollar the price of goods increased and now dollar price is down, price of things still remains the same. If this current government are willing to work this something they need to handle to regulate the price of goods but they do nothing about it. I think they are also benefiting because they are business people too.

This your question I don already dey reason am since say how this appreciation of fiat against dollar go carry help my country people? Because according to your topic Nigeria goods and services no dey obey the law of gravity, and na true even though say $1 don drop to #1000  or even #700 1 bag of cement fit still dey cause #9000. E no go even go back to the normal price of #4500 when $1 been dey #800 . The thing tire me bros. I no even know wetting person go do again since fuel start to cost when Tinubu enter seat E never even change atol E still just dey increase despite say dollar to naira dey appreciate dey depreciate but fuel price just dey increase and E no dey drop for price. If them know say naso this matter go be, make them kukuma leave the price of $1 for #2000 make I know how much I go dey make for every week no be say dem go shot my exchange rate by reducing the value for binance or any other exchanges but the price still remain the same for market na cheating na.

In a situation where the government doesn't checkmate the activities of marketers in the country or regulate prices, what do you expect to happen? Yes, we have ravaging inflation in place but the fact that government do not check the activities of marketers has worsened the whole situation of things in the country and that's why you see retailers taking advantage of this very situation and increasing price way more than what it is supposed to be and everyone feels the heat because in the end we all go to the same to purchase to buy different things in the market.

The price of goods won't reduce so soon, as the matter is not concluded and the economy is yet to becoming stable so no assurance of the country getting low prices on goods and services.  We just have to adapt till everything is put in place, the market value of dollars is already getting inflated against our Naira despite the so called tactics applied by the government yet no positive outcome

Normally me I dey always talk say Nigerians na opportunist, no mata how dollar fa reach the people no go ever gree drop price instead them go start to complain about one nonsense we no really mata for the reason why things still dey cost. according to the opportunist theory " opportunism, a foundational assumption of many economic theories that claims human beings are generally self-interested and will take advantage of others when possible." this theory exactly naim dey really explain everything about Nigerians, everybody just dey find there own things to feed family and so them no really care weytin go be the effect of their action.

So as it stands now I no sure say price of good and service go fit drop except thw government come turn back to the market and force them just the way them dey force exchanges so that price go drop if not, the opportunist in them go even escalate pass like this.
The title of the thread self na the really matas, that law abi theory no dey function for here at all.

It is now around $1525. But the government are making exchanges to restrict people's ads. The CBN is selling at $1301 but the parallel rate is around $1525 as of now. It fell low below $1450 yesterday but increased today.

As inflation has its own side effect, deflation also can have its side effect. The best is a stable economy. Do not expect people to reduce the price. They will have something to complain about like high cost of diesel. As of now, the prices are not decreasing.

My brother, na the problem be that, Nigeria as a country na nation wey God don bless with so many natural resources, but we for we country just like to wicked each other base on say our government no put people in place to hunt down people wey dy still skyrocket the price of things even when e don dy cheap, most people for we country Sabi complain well well, but if you give Dem power today, na Dem go even wicked pass the people wey Dem dy complain of since.

This our country wey we see so, I believe say na God dy punish us with this current administration because of our sin don too much, other African countries no dy suffer like the way we dy suffer, but na we get money and resources pass, to me make we just ask for mercy from God, because na only God go fit bring wetin don go up for naija my country to come down.

Due to di recent revelations wey CBN de unravel now about how plenty illegal money take de stash and pass through Binance, and I come see one report wey dem list some bank owners and some respected entrepreneurs, say dem de collect money for CBN and dem go default payment. I de reason say na dis latest developments na im make naira come gain small value, e bin de get out of hand to reach about 2000 naira to 1 US dollar, but as e be now, di exchange rate don drop to approximately 1400 naira to 1 US dollar.

If CBN put dem acts together and we come begin to see naira appreciation, meaning say our currency go begin gain value, dat one go be good news for most Nigerians.

How di naira to dollar matter take concern dis thread be say, normal normal if any currency begin appreciate, e suppose cause di prices of goods and services to de come down. But with my experience for dis country as a Nigerian, anytime wey prices go up, e no de fit to come down, even if di price go come down na insignificant money dem go comot. So if naira continue to appreciate, you think say e go make prices of goods to de reduce?