Now dollar is #1,400/Naira. Will the prices of food items and commodity reduce? - page 3.

knowngunman

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

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!

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.

Mate2237

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As of today the price of dollar has come down to NGN1,300. And at least dollar is coming down gradually and we dey pray shey before next two months go end him go come down or reduce well well. So dat make many things wey don go up well well go come down too. And mostly cement price and other buildings materials. And my own be shey make dollar go down to the normal price we Goodluck Ebele Jonathan keep whey we been dey use and dat amount was $1 equal to NGN150. Omen in dis era we dey if Nigeria go back that exchange rate again life go too sweet.

Although if we compare it to this present day dollar exchange rate it will affect those who have enough BTC because the price of bitcoin when dem go change am to naira e no go big again as for now wey dollar high. But make we make our country be a good one with our local currency and not dollar country.

Gozie51

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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 .

Cryptomultiplier

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Quote from: 7juju on March 22, 2024, 04:09:27 AM

Knowing the kind of people and how wicked that most Nigerians are when it comes to market activities, they won't reduce the price of things. Their reasons of not reducing will be that they bought at a high price and they will want to finish their old stocks at the price they bought. But if the rate keeps dropping and the traders finish their old stocks and buy new goods at a reduced price of course things will reduce, as they won't have any more excuse about dollar rising. In an organized country, at some point the government will Wade it if after sometime and the price don't fall considerately in the market if the dollar depreciate considerately.

If we begin to wait for the traders to finish selling off their old stock before reducing the price to meet the current price, we may yet witness another volatility that may make the dollar rise against the Naira and instead of low prices, we might be seeing the prices remaining same or going higher.
I do understand though that profit has to be made and that's why the old stocks must be sold out completely before new ones are gotten at the reduced price and sold at same.
Let's pray the exchange rate further reduces to at least less than a thousand Naira, then all the talk of minimum wage being increased will be more meaningful without the exorbitant figure that NLC is calling to be paid in that regard.

Dailyscript

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Quote from: Samlucky O on March 22, 2024, 04:09:08 AM

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

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
But it may never go back to previous price before the increase in price of dollars.

I heard in the news yesterday that the the price of goods and services will reduce soon. However, we wont expect it to just reduce immediately because there are still products that was bought with the old price amd this sellers have to retain selling the same price untill there is none of those products remaining in the store. Whenever they go for the next market we expect them to buy at a cheaper price on the shores so that we the consumers can buy at a lesser price too.

Although, only few people would want to reduce the price of things. As some greedy persons would want to still sell at the old price which is high for a long time. Typically things are suppose to go down, the government had figure a way for it, after taking thier ransom from Binance and local crypto exchange.

7juju

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Knowing the kind of people and how wicked that most Nigerians are when it comes to market activities, they won't reduce the price of things. Their reasons of not reducing will be that they bought at a high price and they will want to finish their old stocks at the price they bought. But if the rate keeps dropping and the traders finish their old stocks and buy new goods at a reduced price of course things will reduce, as they won't have any more excuse about dollar rising. In an organized country, at some point the government will Wade it if after sometime and the price don't fall considerately in the market if the dollar depreciate considerately.

Samlucky O

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

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
But it may never go back to previous price before the increase in price of dollars.

Cryptomultiplier

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Quote from: Cryptoprincess101 on March 22, 2024, 03:43:17 AM

That is the problem we have in this country, it is always difficult to reduce the price of food and other commodity in the country as their mentality have always been that when the price of goods increases that is shouldn't reduce anymore because they want to make insane profits after they will be blaming the government when they are the author of the problems in this country. What the government need do is to set up a task force to checkmate the prices of goods and commodity in the market if possible there should be a regulation of prices.

The recent appreciation of the Naira to dollars is a nice one, we do hope it continues so that life can be easy for the common man in the society because all these things affects the common man directly so we should seek for a favourable environment for all no matter how vulnerable they are to the society, every one is human and of such we should endeavour to make life conducive for all

Like I always say, the CBN knows the real causes of naira devaluation, and they also know how to make the naira gain strength against the dollars but for some selfish interests they don't want to "hit the hammer at the head of the nail" that's why they are "bitting about the bush" chasing clouts where not necessary.

The CBN definitely knows what needs to be done to make things better but instead they chase clout. Just like the Binance saga really, are they not supposed to just ensure that the practices is safer for the citizens,regulate if possible, so it serves as good means to earn and pay for transaction rather than trying to tax every crypto currency user and owner.

Also it the case of the wholesale and retail sellers. They would still not want to reduce the prices of their food items because they clearly don't read the news or follow up with newspaper to know the new policies by the government. So it's a sure thing for them to keep the price same way until government actually enforces a task force that goes about ensuring the prices have been regulated according to new proceedings and progress in the economy.

Cryptoprincess101

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That is the problem we have in this country, it is always difficult to reduce the price of food and other commodity in the country as their mentality have always been that when the price of goods increases that is shouldn't reduce anymore because they want to make insane profits after they will be blaming the government when they are the author of the problems in this country. What the government need do is to set up a task force to checkmate the prices of goods and commodity in the market if possible there should be a regulation of prices.

The recent appreciation of the Naira to dollars is a nice one, we do hope it continues so that life can be easy for the common man in the society because all these things affects the common man directly so we should seek for a favourable environment for all no matter how vulnerable they are to the society, every one is human and of such we should endeavour to make life conducive for all

Like I always say, the CBN knows the real causes of naira devaluation, and they also know how to make the naira gain strength against the dollars but for some selfish interests they don't want to "hit the hammer at the head of the nail" that's why they are "bitting about the bush" chasing clouts where not necessary.

Cryptomultiplier

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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!

Topic: Now dollar is #1,400/Naira. Will the prices of food items and commodity reduce? - page 3. (Read 374 times)