Now dollar is #1,400/Naira. Will the prices of food items and commodity reduce?

Cityhunter34

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Quote from: Cryptomultiplier on March 22, 2024, 03:33:23 AM

Quote

The naira has continued to appreciate against the dollar following some foreign exchange measures put in place by the Central Bank of Nigeria.

Some of the FX reforms include;
* efforts made at achieving a willing buyer-willing seller market
*removal of all limits on margins for the International Money Transfer Operator remittances
* introduction of a two-way quote system and the broad reforms in the Bureau De Change segment of the market to restore stability,
*enhance transparency,
*boost of supply, and
* promote of price discovery in the Nigeria Autonomous Foreign Exchange Market.

The pressure on the naira/dollar exchange rate is beginning to ease as Nigeria’s external reserves have sustained growth in one month.

https://punchng.com/naira-rebounds-to-n1400-as-speculators-offload-forex/

I was happy to learn that the Naira against the dollar is now somewhere between #1400-#1500. So let's say after all the new reforms by the CBN we are seeing a light at the end of the tunnel and perhaps inflation would reduce substantially to ease the suffering in the country.
After CBN cleared $7billion forex backlog, they said there is improvement in the external reserves.

I thankGod o. My question is very simple though because this country is complicated already;
* Now that the dollar to Naira exchange rate is about #1,400 /dollar, will the prices of food items and other commodities reduce?
Or is it that what goes up never comes down?

Your thoughts are welcomed!

I think we're the cause of our problem in this country and we keep on blaming the government everytime, we are the ones making things so difficult for our selfs. how can a business man or a business woman buy goods at a lower price then when he/she noticed that the things that they bought at the lower price have increase in the market they will also start to be selling it at particular price why they bought at a lower price.

Belarge

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Quote from: promise444c5 on April 09, 2024, 05:49:14 PM

Quote from: Charles-Tim on March 23, 2024, 09:02:43 AM

~

If the government don't implement price control at the right time the price will still continue to stay the way it is maybe even increased.
We are Nigerians , we take almost every Opourtunity to exploit others, it's in our blood even the government exploit the citizens

though its not funny but we actually need to stop the price like and the only way is price control IMO

Nigerians are funny, sometimes I wonder if we should blame the government because the citizens are just the same as them, the only difference is the citizens are not into power yet, they will even do more worse things and than the government. We should all pray and hope for the growth of the country. The dollar price have finally crashed down to #1,100 and this is probably good news for the citizens but this affects the price of things in the country? NO. I would make contracts regarding the best action been taken by the government and there's a whole lot of barriers on the way. The government have always been there to make sure things works iut for good for the country. The high costs of living have continue to emerge and there's certainly no possibility of the current government to resolve this issue.

AmaGold70

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Quote from: Cryptomultiplier on March 22, 2024, 03:33:23 AM

Quote

The naira has continued to appreciate against the dollar following some foreign exchange measures put in place by the Central Bank of Nigeria.

Some of the FX reforms include;
* efforts made at achieving a willing buyer-willing seller market
*removal of all limits on margins for the International Money Transfer Operator remittances
* introduction of a two-way quote system and the broad reforms in the Bureau De Change segment of the market to restore stability,
*enhance transparency,
*boost of supply, and
* promote of price discovery in the Nigeria Autonomous Foreign Exchange Market.

The pressure on the naira/dollar exchange rate is beginning to ease as Nigeria’s external reserves have sustained growth in one month.

https://punchng.com/naira-rebounds-to-n1400-as-speculators-offload-forex/

I was happy to learn that the Naira against the dollar is now somewhere between #1400-#1500. So let's say after all the new reforms by the CBN we are seeing a light at the end of the tunnel and perhaps inflation would reduce substantially to ease the suffering in the country.
After CBN cleared $7billion forex backlog, they said there is improvement in the external reserves.

I thankGod o. My question is very simple though because this country is complicated already;
* Now that the dollar to Naira exchange rate is about #1,400 /dollar, will the prices of food items and other commodities reduce?
Or is it that what goes up never comes down?

Your thoughts are welcomed!

As it stands now the situation in Nigeria should be given a name "wetin man do man" we are our problem honestly, now wey dollar don come down I been dey happy say things go come down but the greedy corrupt minded foodstuffs traders are using us to shine in this country. Mr president isn't the only wahala we have, even now that dollar has reduced foodstuffs prices are still going up so who do we really blame for the suffering, Mr president or the greedy corrupt minded foodstuffs traders? Could you guys believe that some of these foodstuffs traders even go as far as forming a group, there's a market in my town that these traders before they start selling to consumers they first of all have a meeting and agree on a particular price to sell their products.

Sexylizzy2813

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Naija we no wan carry last for anything and e be like say nah play play contri we dey inside, no matter how dollar come down reach make we no forget say for this contri anything wey go up it takes the special grace of God for that thing to come down. OP no happy too much becos even if dollar against naira drop to the lowest things fit remain as e be, bcos them talk am before say no gree for any body and nobody wan lose.
Like this all of us I mean the market sellers too we be politicians bcos we wan use every means to gain but we forget say nah still we the citizens dy suffer am.

promise444c5

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Quote from: Charles-Tim on March 23, 2024, 09:02:43 AM

~

If the government don't implement price control at the right time the price will still continue to stay the way it is maybe even increased.
We are Nigerians , we take almost every Opourtunity to exploit others, it's in our blood even the government exploit the citizens

though its not funny but we actually need to stop the price like and the only way is price control IMO

Asiska02

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Quote from: Cryptomultiplier on March 22, 2024, 03:33:23 AM

I was happy to learn that the Naira against the dollar is now somewhere between #1400-#1500. So let's say after all the new reforms by the CBN we are seeing a light at the end of the tunnel and perhaps inflation would reduce substantially to ease the suffering in the country.
After CBN cleared $7billion forex backlog, they said there is improvement in the external reserves.

I thankGod o. My question is very simple though because this country is complicated already;
* Now that the dollar to Naira exchange rate is about #1,400 /dollar, will the prices of food items and other commodities reduce?
Or is it that what goes up never comes down?

Your thoughts are welcomed!

I missed this post when dollar to Naira rate was trading at 1400/$ but today we have seen a further drop of about N300 less from this price and now trading at N1100 per dollar. Ever since the last drop before this recent one that happened, we are yet to see a drastic drop in price of food items and other stuffs needed for use or consumption. The only game I have seen here is that for the goods that their prices dropped, they couldn’t return to their former price before the sudden increase as a result of dollar rise. This explains that it was not the effect of dollar alone but also the greedy and selfish interest of the marketers selling to final consumers like us. If not, why haven’t the prices gone down when dollar has been dropping for a while now?

iBaba

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Quote from: Cryptomultiplier on April 09, 2024, 04:47:54 PM

I have been trying so hard to ignore dropping any further comments on this post because I made this observation a long time back, but I just didn't have any backings on the exchange rate as at then.
One actually needs to experience this scenario in their everyday life currently, inorder to agree on the fact that whenever prices go up in this country, it hardly ever comes down and it isn't as a cause of exchange rates because our local retailers have nothing to do with dollar, so whose fault will it become in essence?

Naija don tire people like us because dollar price don dey go down, but e no mean say commodity market dey cheap. Plenty things still dey expensive.

Some things never reduce price since dollar high for south, even though dollar dey drop now, last last e be like 1,111 Naira per dollar this night, but fuel still dey high. Major things for market still dey cost plenty. Spare parts for cars and other things for market still dey cost the same, even when dollar rise over Naira don dey decline.

Wetin surprise me be say why these things no dey reflect for market when dollar dey drop, but dem dey reflect sharp sharp when e dey rise? E fit be say na most of the high prices for market na man-made to make life hard for Nigerians? Na my question always be that.

Cryptomultiplier

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Quote from: EarnOnVictor on April 09, 2024, 03:15:44 PM

When I first saw your headline that bears N1,400 to 1$, I quickly rushed to check the day you posted it. Even today the CBN is selling the USD at the rate of N1,110 and the P2P of exchanges has dropped to about N1,150 per 1$, but the Nigerian market has not felt its reality at all. Nigeria is just an ugly country in which things work haphazardly. No rule of economics working in sane countries is working in Nigeria.

I think it is because of our greed, selfishness and self-centeredness, which are coupled with our capitalist system mixed with other private freedom and economic styles (mixed system). There is no viable competition, and no government control, so people are doing what they like with the government clueless about the whole situation.

Imagine, what has increased in price when the USD was been exchanged at about $N1,850 still retaining the price till today when about N700 has been removed from the USD (N1,150). This can only say of what Nigerians are, our market reality and economic reflections are bad, if not wicked. This is so unfortunate.

I have been trying so hard to ignore dropping any further comments on this post because I made this observation a long time back, but I just didn't have any backings on the exchange rate as at then.
One actually needs to experience this scenario in their everyday life currently, inorder to agree on the fact that whenever prices go up in this country, it hardly ever comes down and it isn't as a cause of exchange rates because our local retailers have nothing to do with dollar, so whose fault will it become in essence?

EarnOnVictor

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When I first saw your headline that bears N1,400 to 1$, I quickly rushed to check the day you posted it. Even today the CBN is selling the USD at the rate of N1,110 and the P2P of exchanges has dropped to about N1,150 per 1$, but the Nigerian market has not felt its reality at all. Nigeria is just an ugly country in which things work haphazardly. No rule of economics working in sane countries is working in Nigeria.

I think it is because of our greed, selfishness and self-centeredness, which are coupled with our capitalist system mixed with other private freedom and economic styles (mixed system). There is no viable competition, and no government control, so people are doing what they like with the government clueless about the whole situation.

Imagine, what has increased in price when the USD was been exchanged at about $N1,850 still retaining the price till today when about N700 has been removed from the USD (N1,150). This can only say of what Nigerians are, our market reality and economic reflections are bad, if not wicked. This is so unfortunate.

Majestic-milf

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Whether dollar dey decrease or naira dey appreciate, e get one law wey naija pipo especially sellers no fit fail and that nah the law of " once price go up, e no dey come down" till e go come become normal thing. E dey pain me say at the moment person no fit look wetin him use #10k buy because e small and if you be the type wey get a large household, e go force you to spend bigger if you wan eat well and this nah for the person wey get oh, what about the ones wey no get?
E no dey out of place to blame the government as we know say all this nah majorly their fault. Other countries dey borrow but our own dey high, and why we dey borrow, because we don decide say nah outside thing better pass out own since we no Sabi make quality things and the more them they import, the value of the naira dey drop..
E go really be good thing if as the naira dey appreciate, we market people go let greed leave them to follow sell things at cheaper price.

Mate2237

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Me as I dey like I am even confused of di dollar price because wat I dey see for online e dey different from newspaper and other bloggers. Yesterday I saw say dollar don come down to $660 and today now Nothe price but when I checked the exchange price omen price is still at the high cost. Look at di images wey dem say dollar dey depreciate while naira dey appreciate.

Dis one na di reduction wey happens from one month interval
And

And today I saw NGN2200 so now which one to blame na di federal government because their policies is too weak and they don't have market so everyone do things to their taste because they are using it to sell their market.

Jaycoinz

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Quote from: Charles-Tim on April 07, 2024, 06:47:55 AM

Quote from: odunybiz on April 07, 2024, 06:40:31 AM

Government for sure can't accept that amount but there is need for increment in government worker's salary as things are so costly this day that it's even very difficult to cut expenses. No matter how small be added to their salary will still be helpful.

What about those that are earning in dollars? This is not about minimum wage but about the increase in the value of naira while the cost of goods and services are still increasing. If the minimum wage increases, do you not know there will be more inflation? Although, the government are working towards increasing the minimum wage. Some people are speculating that the minimum wage will be increased on workers day but I do not know if that will be true or not.

From my own perspective of thinking, I feel the government should just look for a way to actually regulate the price of goods and commodity in the country although I don't know how possible is it for them to do this but I feel that would have greater impact than increasing the minimum wage because increasing the minimum wage is just simply going to get the inflation all hyped again. Before now the whole talks was centered around Nigeria not having a refinery of their own and this higher purchase of the goods or materials they have is what is causing it but although the dangote refinery is a private property but still we ought to feel its impact if it's starts production and distribution.

Loveday422

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Actually the food and other items can not reduce , because as for the time dollar was so high many business men and women bought goods at that time ,so they will keep on selling high till they cover the previous market the bought when the dollar was still high, nobody want to loose in business all we plan is to gain ,the price of things we reduce definitely but it will take like six months interval, because of the goods people bought when dollar was high,though it will be matter of small time

Zackz5000

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Currently looking at the country situation now you will notice that instead of price of things to reduce it's still increasing despite the current gain of naira to dollar one will think that the price of things will come down yesterday I went to the market believing that the price of thing has come down because of the current gain of Naira to dollar instead the prices were still increasing when I asked the lady told me that that's there old stock.
The price of food items and commodity will reduce but it won't be so fast it will take a little time if Nigeria government will make out a way to make sure that the price of fuel is low that will also help reduce the cost transportation you will see that the price of things will reduce because these food items are also been transported from one place to another.

Cryptomultiplier

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Quote from: Charles-Tim on April 07, 2024, 06:47:55 AM

Quote from: odunybiz on April 07, 2024, 06:40:31 AM

Government for sure can't accept that amount but there is need for increment in government worker's salary as things are so costly this day that it's even very difficult to cut expenses. No matter how small be added to their salary will still be helpful.

What about those that are earning in dollars? This is not about minimum wage but about the increase in the value of naira while the cost of goods and services are still increasing. If the minimum wage increases, do you not know there will be more inflation? Although, the government are working towards increasing the minimum wage. Some people are speculating that the minimum wage will be increased on workers day but I do not know if that will be true or not.

My concern is for the fact that even the minimum wage would do little as at now, considering the increase in electricity tarrifs from #66- #220 and it is still expected to increase further.
The increase even in tuition fees and other fees are gaining a high that I may consider unhealthy for what ever comes ahead of the new policies to strengthen the economy.

Charles-Tim

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Quote from: odunybiz on April 07, 2024, 06:40:31 AM

Government for sure can't accept that amount but there is need for increment in government worker's salary as things are so costly this day that it's even very difficult to cut expenses. No matter how small be added to their salary will still be helpful.

What about those that are earning in dollars? This is not about minimum wage but about the increase in the value of naira while the cost of goods and services are still increasing. If the minimum wage increases, do you not know there will be more inflation? Although, the government are working towards increasing the minimum wage. Some people are speculating that the minimum wage will be increased on workers day but I do not know if that will be true or not.

odunybiz

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Quote from: Cryptomultiplier on March 24, 2024, 01:00:21 PM

Quote from: odunybiz on March 23, 2024, 07:51:37 PM

Quote from: Charles-Tim on March 23, 2024, 09:02:43 AM

Quote from: Cryptomultiplier on March 22, 2024, 03:33:23 AM

I was happy to learn that the Naira against the dollar is now somewhere between #1400-#1500.

You are happy with it? But the price of goods and services continue to increase while dollar is decreasing in value against naira as naira itself appreciates in price. So why are you happy about it? My happiness would be when goods and services prices are also decreasing.

We all dey play. So we expect goods to come down that easy. I'm not sure such will happen as early as we think. There are still much to battle with to ensure economic stability. Even we as individuals are part of the cause of our economic instability.

Make we assume say price no really come down again, una come think say government go approve the amount wey NLC dey call make Dem pay as minimum wage?

Government for sure can't accept that amount but there is need for increment in government worker's salary as things are so costly this day that it's even very difficult to cut expenses. No matter how small be added to their salary will still be helpful.

Quote from: Cryptomultiplier on March 24, 2024, 01:00:21 PM

Many companies still dey one corner dey cut down salaries and try apportion more task because the workers no fit complain, how we go com talk am follow, because things get to level one way or another o.

With the present situation of the country, no business gives the same profit like before. This may make it difficult for some country to meet up with staff salary. I can't really blame this industries. Our government needs to work on our economy to make things better.

Cryptomultiplier

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Quote from: odunybiz on March 23, 2024, 07:51:37 PM

Quote from: Charles-Tim on March 23, 2024, 09:02:43 AM

Quote from: Cryptomultiplier on March 22, 2024, 03:33:23 AM

I was happy to learn that the Naira against the dollar is now somewhere between #1400-#1500.

You are happy with it? But the price of goods and services continue to increase while dollar is decreasing in value against naira as naira itself appreciates in price. So why are you happy about it? My happiness would be when goods and services prices are also decreasing.

We all dey play. So we expect goods to come down that easy. I'm not sure such will happen as early as we think. There are still much to battle with to ensure economic stability. Even we as individuals are part of the cause of our economic instability.

Make we assume say price no really come down again, una come think say government go approve the amount wey NLC dey call make Dem pay as minimum wage?
Many companies still dey one corner dey cut down salaries and try apportion more task because the workers no fit complain, how we go com talk am follow, because things get to level one way or another o.

odunybiz

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Quote from: Charles-Tim on March 23, 2024, 09:02:43 AM

Quote from: Cryptomultiplier on March 22, 2024, 03:33:23 AM

I was happy to learn that the Naira against the dollar is now somewhere between #1400-#1500.

You are happy with it? But the price of goods and services continue to increase while dollar is decreasing in value against naira as naira itself appreciates in price. So why are you happy about it? My happiness would be when goods and services prices are also decreasing.

We all dey play. So we expect goods to come down that easy. I'm not sure such will happen as early as we think. There are still much to battle with to ensure economic stability. Even we as individuals are part of the cause of our economic instability.

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Quote from: Obari on March 23, 2024, 02:58:41 PM

You see that law of gravity, wey talk say, anything that goes up must definitely come down, no Dey work for this country. One thing I know be say we sabi adapt and that thing na one major thing wey Dey worry us for this country because we Dey easily adapt to every thing even rubbish we Dey find way adapt instead of taking bold steps to comb it which isn’t right .

Recently, I been hear say the price of noodles been don drop nation wide and e been Dey announced and my question be say, who go bear the loss of those traders wey been buy at the higher price and now them Dey expect them to sell lesser, even if na you, you go gree? I think no and na there the problem Dey and I think everything go take time to fit Dey implemented.

The issue is not even about the dollar coming down Will the price of things come down that is a capital no so I don't even see the reason why the dollar is coming down, Nigeria is always selfish, and as it is we have to learn to live with it. and if we don't learn to adapt then we are going to have a problem because most of our problems in this country do not even have a solution.

I have a reason why people are not fighting for their rights but we all know what will happen, when last did you hear people talk about protesting because we know the kind of government we have? The issue is we are not the only ones facing this challenge, but we can not even defend how we feel. and there is no way that the prices will come down any time soon.

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