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, 02:33:23 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.

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Quote from: promise444c5 on April 09, 2024, 04:49:14 PM

Quote from: Charles-Tim on March 23, 2024, 08:02:43 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, 02:33:23 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, 08:02:43 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, 02:33:23 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, 03:47:54 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, 02:15:44 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, 05:47:55 AM

Quote from: odunybiz on April 07, 2024, 05:40:31 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, 05:47:55 AM

Quote from: odunybiz on April 07, 2024, 05:40:31 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, 05:40:31 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, 12:00:21 PM

Quote from: odunybiz on March 23, 2024, 06:51:37 PM

Quote from: Charles-Tim on March 23, 2024, 08:02:43 AM

Quote from: Cryptomultiplier on March 22, 2024, 02:33:23 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, 12:00:21 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, 06:51:37 PM

Quote from: Charles-Tim on March 23, 2024, 08:02:43 AM

Quote from: Cryptomultiplier on March 22, 2024, 02:33:23 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, 08:02:43 AM

Quote from: Cryptomultiplier on March 22, 2024, 02:33:23 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.

RockBell

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Quote from: Obari on March 23, 2024, 01:58:41 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.

Nangiconference

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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.

Mate2237

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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.

Stable090

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Quote from: Gozie51 on March 22, 2024, 08:56:14 AM

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.

Quote from: Gozie51 on March 22, 2024, 08:56:14 AM

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.

Obari

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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.

Nheer

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Quote from: knowngunman on March 22, 2024, 10:58:28 AM

Quote from: Cryptomultiplier on March 22, 2024, 02:33:23 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.

Nigerian traders are known to always increase the price of commodities when the rate of dollar to Naira rises and i think what OP is saying is that he expects the price of commodities to reduce as the value of dollar reduces but it doesn’t seem to be the case with Nigerian traders and it seems like for them it is what goes up never comes down which is not supposed to be so, if dollar rate goes up and price of commodities goes up then it should reverse when dollar rate falls.

philipabaku

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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.

Doan9269

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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.

Gormicsta

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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.

Y3shot

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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.

Cryptomultiplier

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Quote from: Charles-Tim on March 23, 2024, 08:02:43 AM

Quote from: Cryptomultiplier on March 22, 2024, 02:33:23 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.

Well, my joy simply is about the fact that at least we would begin to witness the fall in the exchange rate of Dollar to Naira, seeing that CBN has cleared off any backlogs and are ensuring that they adhere to the new policies that would make the Naira become once more, valuable.

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.

Charles-Tim

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Quote from: Cryptomultiplier on March 22, 2024, 02:33:23 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.

DaNNy001

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Quote from: Samlucky O on March 22, 2024, 03:09:08 AM

Quote from: Cryptomultiplier on March 22, 2024, 02:33:23 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.

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.

iPaD

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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.

adultcrypto

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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.

Wiwo

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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.

Kelward

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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.

Tmoonz

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Quote from: Cryptomultiplier on March 22, 2024, 02:33:23 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!

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.

Uhwuchukwu53

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Quote from: Gozie51 on March 22, 2024, 08:56:14 AM

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 .

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.

Marykeller

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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.

Obim34

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Quote from: Gozie51 on March 22, 2024, 08:56:14 AM

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.

knowngunman

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Quote from: Cryptomultiplier on March 22, 2024, 02:33:23 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, 03:09:27 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, 03:09:08 AM

Quote from: Cryptomultiplier on March 22, 2024, 02:33:23 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.

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Quote from: Cryptomultiplier on March 22, 2024, 02:33:23 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, 02:43:17 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? (Read 443 times)