Price no go ever drop. Nothing Dy go up for Nigeria come later come down. Any factor wey make something rise without the factor the thing go remian there instead e go Dy rise Dy go.
I enter market today, many things still Dy add money. The price of a keke bus was 2.2m but as dollar rise en enta 3.4 now 3.2. just a little reduction.
All ongoing building project don halt(nobody Dy build again) now na to first chop first nay Dy important.
Topic: Now dollar is #1,400/Naira. Will the prices of food items and commodity reduce? - page 2. (Read 374 times)
March 23, 2024, 06:10:22 PM
March 23, 2024, 06:01:38 PM
I think today I saw an for flashed news be say dollar don come down to NGN1,380. Well to some extent na good move compare to di early part of this year when dollar climbed the ladder to NGN1,800 to r even more. And the problem why dollar is not still moving down is because the policies of the government and if really the government wants di dollar to come down drastically they can do it through the policy they have enacted in the economic section. Di government and it agencies know what they are doing and time is coming for them to reduce the dollar with stress. And all these small small reducing, na dem dey purposely do am so dat di citizens go happy and e no go talk too much against them.
And one thing we have to know be most of those things we the sellers dey sell and increase price e no even concern dollar and dem no even buy with big amount na because of say everything dey go up na so dem just boom increase everything price high.
And one thing we have to know be most of those things we the sellers dey sell and increase price e no even concern dollar and dem no even buy with big amount na because of say everything dey go up na so dem just boom increase everything price high.
March 23, 2024, 05:43:33 PM
How far has fuel price dropped? To me na dat one be the koko wey go even make price of food drop.
Na two things fit make prices of things come down for dis country, firstly na him be that fuel price wey u just talk, d second one na him be dollar, if the two drop, then make we dey expect make prices of things drop for market, but if fuel price drop and dollar no drop, dem go still dey use dollar wey high as excuse, and if dollar price drop na fuel no drop, dem go they complain about cost of transportation just as you said. Again, the actual thing wey go follow reduce price be say government dey serious with price control, monitor and punish offenders then business people no go like make price drop as Nigerians .
If government no get people wey go dey regulate prices of foodstuffs in market, I no go lie e fit be say marketers no go really reduce prices of goods even if fuel price drop and dollar drop too. we get plenty ways wey we dey use do each other for dis country. As I don dey hear about port harcourt refinery say e go soon start operation, lets hope price of fuel go drop be that. 
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.
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.
March 23, 2024, 02:47:37 PM
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!
* 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!
First of all, it's important for us to know that dollar is just a currency like our own naira, a mere means of exchange and not a commodity. Let us engage in meaningful business activities and stop the speculation. Now, the dollar rate has not been stable for several months now and you can not expect down cut of commodities prices when there is no stability of currency exchange. In the morning you have a lower exchange rate but the end of the day, it jump up to higher rates like before and you anticipate reduction? It's not possible. Traders in Nigeria are very greedy set of people that are always eager to increase the price of their goods but feel sad to reduce the price even when it's necessary. They have been hiding under the dollar rate even those that have no business with dollar. If Naira can maintain it value at $1-#1400 or even less for at least three months, we will probably experience price reduction but for now don't put your hopes high in vain. The prayer point has always been may God provide for us no matter the situation.
March 23, 2024, 11:45:31 AM
Na the bad thing with Nigeria, price of things no dey ever come down once e go up, and e dey very annoying and depressing, I just they wonder how the poor dey survive cause even the average dey go through Alot just to eat.
Before with 700naira you got buy spaghetti and plenty ingredients cook for your family now only spaghetti na 1k e dey pain me die I swear and dollar don drop o. How person with 50k salary wan chop? When food dey expensive like mad and transportation. God go help us.
Before with 700naira you got buy spaghetti and plenty ingredients cook for your family now only spaghetti na 1k e dey pain me die I swear and dollar don drop o. How person with 50k salary wan chop? When food dey expensive like mad and transportation. God go help us.
March 23, 2024, 10:42:18 AM
We don't know the way forward yet, but if the government are going to proof their competencies, then the market price on all other economic products must also come down, since what makes them rises was the increase in exchange rate and now that we have experience a massive drop from #1800 down to #1400 for 1 USD, things should by default come down to the least and possible affordability, we are already hearing speculations that the market in general may fall in petrol price, good items and there's likely possibility for increase in the minimum wage by May 1st 2024, all these are the rumors we have been hearing and hoping for the best to come.
March 23, 2024, 10:41:38 AM
For this our country, nothing like that, once Price don go up, e no go fit come down, if like make dollar reduce to #1, Nigeria no go fit try am to bring price of things down, dey go still dey claim say dollar dey go up like say people wey know about how dollar dey and rise and fall, no dey exist, dey feel say dey fit fool everybody but dey end up deceiving themselves, Nigeria na higher everyday, some people dey even pray make dollar dey increase dey go because dem dey enjoy as people dey suffer and dey complain about how things dey cost even transportation, like dey just no want make people dey progress even the least happiness self, dey no wan.
March 23, 2024, 10:38:24 AM
Naira don really gain value and me I know even know if our leaders they reson the same way as we dey think here. The price of things needs to be reduced as naira dey gain weight back again. As naira is adding value things in the market needs to really come down, because it will be so bad that naira is gaining and still price of things in the market are still the same, I think this is wickefness which our marketers needs to consider to look into it.
March 23, 2024, 10:21:47 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.As for goods and services decreasing in price, I still pray for that because na stubborn people full this country o, the retail markets would claim they are still buying so, while the wholesale distributors would claim that they have to finish the old stock before they adjust to the new price.
I pray for price enforcement agencies to be set up to ensure that as the dollar falls to the Naira continuously, the citizens who do business, should also adjust their prices accordingly or face the wrath of the law for price gouging.
March 23, 2024, 09:02:43 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. 
March 22, 2024, 05:24:08 PM
I Thank God 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?
The problem is that Nigeria is unpredictable which mean that you may never know the next move that will take place. In previous cases dollar increased, also do the the price of goods and services, but dollar fell and price of commodity never reduced. So it hard to say. But I know that there will be a small dip in price of commodities * 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?
But it may never go back to previous price before the increase in price of dollars.
Nigeria is like space that lacks gravity because nothing that goes up ever comes down and by this I mean the price of commodities. This has been a problem and it's a problem that have been going on for some time now even before the past two administrations that have ruled the country. In Nigeria almost everyone is an opportunist and that's why when they say the problem of the country is all shared among everyone in the country because I believe the citizens themselves are one of the major causes of price never wanting to go down.
March 22, 2024, 04:37:12 PM
You actually spoke my mind shah, because that the exact question I was also having in mind just of recent about still the current high prices of goods in the country after our Naira has appreciated. But one thing I have always known about Nigeria is that when a goods goes up, I bet you it will take the head of a cow to pass inside a needle than for the price of that goods to go down.
March 22, 2024, 04:28:33 PM
Everyone in Nigeria already know that it is easier for prices of commodities to rise than to reduce. It is only in this countries that there is union in almost everything, the purpose of those unions being to take advantage of every opportunity they see to rip off fellow citizens. This may sound funny but it is true, there is union now for keke and mini-bus drivers with the prices of transportation doubled and any of them who defaults will face serious punishment included ban from operation. Just recently, my barber told me that union people have asked them to increase their price and that anyone who fail will be punished. We can say that there is a general consensus among traders to sabotage the government by making things extremely difficult for people. This is the reason prices of goods went up when the exchange rate was high and is reluctant to come down now that it has reduced. It is only in few items you will see minor drop in price like cement and I am also hearing about rice too.
March 22, 2024, 04:20:23 PM
If fuel price keep being high there is no way you should expect reduction in the price of goods and services, fuel is the major propellor of the economy and not the exchange rate between naira vs dollar's, sometimes we Nigerians need to build our awareness about all this things so that we can know better what is really happening in the economy today, many times we tend to mislead ourselves with social media news and some wrong assumptions as to what courses the rise in the price of good and services within an economy such as in this situation.
It may be disappointing to many to see that the Nigerian naira is appreciating against the dollar's but the price of basic goods will still remains high or even increase with time, if nothing is done to crash the price of fuel.
It may be disappointing to many to see that the Nigerian naira is appreciating against the dollar's but the price of basic goods will still remains high or even increase with time, if nothing is done to crash the price of fuel.
March 22, 2024, 03:14:20 PM
I de happy say our naira don appreciate small, Aldo I no think say di currency get any business to skyrocket reach more dan1700 to 1 US dollar before e start to come down, make e come bellow 1000 to 1 dollar before we go relax small. As for your question say as naira value don appreciate small say weda e go make prices of goods to also come down, I laf for dat kind question, e no de possible for now and in di nearest future, because law of gravity no de affect high price inside Nigeria, unless government enforce price regulations. Business people go claim say dem buy di goods wen price de very high, sodiafo dem go sale at high price to make dem profit, even if dem buy at reduced price, most of dem go claim say na high price dem buy dem goods.
March 22, 2024, 03:13:35 PM
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/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.
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!
We should not always forget that there are consumable goods and material goods, now if dollar valuation affects naira valuation in terms of material goods which of course majority are imported goods, my question is how does dollar valuation affects consumable goods that are produced in our country? the country is in complete mess up to sum it all and we should stop generalizing cost of things in terms of dollar and naira valuation.
March 22, 2024, 02:56:02 PM
How far has fuel price dropped? To me na dat one be the koko wey go even make price of food drop. Once the fuel drop then e reflect for transportation fee, traders go begin realize how much them go remove from their cost of bringing the goods down to their place.
Again, the actual thing wey go follow reduce price be say government dey serious with price control, monitor and punish offenders then business people no go like make price drop as Nigerians .
Again, the actual thing wey go follow reduce price be say government dey serious with price control, monitor and punish offenders then business people no go like make price drop as Nigerians .
All the marketer are holding on fuel issue I think what you said I concur because without fuel dropping nothing will still come down .
But what is the issue is that except the government regulate the cost of food items and other things it will be difficult to drop down, that is how the economy has operated over the years.
The government need bring policy and regulates the market by pumping in some of those products to effects local marketer to reduce their prize once they see that product is selling for cheaper prize by the government and if they fail to align will run into loss and expired products the things will automatically come down but if just for marketers to bring it down it will not happen in this country . Alternatively either they ceased the product of marketer that fail to sell according to the under listed prize which will automatically put fear for other if not it won't work.
March 22, 2024, 01:07:47 PM
Wetin I don learned about this our country in the past don make me understand say, anything wey manage to increase for price em d hard to come down for price. That one na a known fact wey all Nigerians know and there is nothing our FG don do about am to find a lasting solution to why everything d increase immediately to dollar but em no fit reduce once dollar decreases.
Em d very fortunate sai, most of our people don turn this dollar increase to naira as a way to make huge money for themselves in their businesses in a way that their old stock dem go increase their price to a price of new stock.
At times we be our own problem that we d dey in a hurry to increase the price of goods when dollar increase but we no d in a hurry to decrease the same price of old stock wey we dey sell.
It's so heartbreaking that we d live in a country that its government no care for its citizen well-being of whether them go fit the eat three square meals or not in a day. Wetin dem know na sign bill wey go be at their favor but affect the poor.
Em d very fortunate sai, most of our people don turn this dollar increase to naira as a way to make huge money for themselves in their businesses in a way that their old stock dem go increase their price to a price of new stock.
At times we be our own problem that we d dey in a hurry to increase the price of goods when dollar increase but we no d in a hurry to decrease the same price of old stock wey we dey sell.
It's so heartbreaking that we d live in a country that its government no care for its citizen well-being of whether them go fit the eat three square meals or not in a day. Wetin dem know na sign bill wey go be at their favor but affect the poor.
March 22, 2024, 12:18:17 PM
How far has fuel price dropped? To me na dat one be the koko wey go even make price of food drop. Once the fuel drop then e reflect for transportation fee, traders go begin realize how much them go remove from their cost of bringing the goods down to their place.
Again, the actual thing wey go follow reduce price be say government dey serious with price control, monitor and punish offenders then business people no go like make price drop as Nigerians .
To be honest, I am not much concerned seeing the NGN drop against dollars, of what benefit when the price of goods and commodities are not reducing. The price of fuel is not even reducing, at worst, fuel is now scarce to get, people are suffering meanwhile just an implicit or explicit action from the government can return everything back to normal. Again, the actual thing wey go follow reduce price be say government dey serious with price control, monitor and punish offenders then business people no go like make price drop as Nigerians .
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