Topic: While the USD keep falling against naira, let's take the chances to buy more of (Read 76 times)

You could be right at same time wrong why because not everyone who has old stocked in their shops especially the small businesswoman over there. When you talk about this old stuck also consider the numbers of those who are dealing with higher volume unlike the small scale business people, like the retailer who does not have wharehouse to stock their goods don't you know whatever price they bought currently can actually affect them if they significantly drop their products prices?
In nutshell, food items does not last in a wayhouse for over 1 year due to their expiration date, this including Canned foods, unlike other products such as building materials clothing's and whatever. From December till date we should be talking about expiration those food stucks or consumables.

Unfortunately, I disagree with this your logic man. Most of those goods we have in the market right now are all old stocks most especially the foodstuffs they were all old stocks bought during the eve of the Christmas period that's before December 2023 and in a cheaper price that's 4x of the price they are selling same goods today.

A capitalist will always be a capitalist, profit is his aim not matter what it may take or who gets negatively affected by virtue of him making that profit.

Okay, here's the shocker question. Why are the so-called businessmen usually in a haste to sell old stocks bought in cheap old rate at a new higher rate but won't agree to sell new stocks at a lower rate when price drops?

 In all we have witnessed we all would agree that the high cost of goods in the local market is not greatly a consequence of the high rate of dollar appreciating against the Naira but a function of the businessmen decision to keep price in an uptrend because they making much profit that way instead of allow demand and supply to determine they prices of commodities they are busy manipulating the cost of goods, some even go to the extend of hoarding.

Exactly, now that our naira is gaining strength is the best time to use our currency and buy Bitcoin because it's obvious that our government are manipulating the naira so it would be better to use our naira and accumulate it in Bitcoin because as the price of Bitcoin is increasing, that's how the value in USD is also increasing thereby if the naira devalues again, we would be at the safer side and will make a whole lot of profit.

I personally is even expecting further appreciation of Naira so that I can buy more Bitcoins because that has always been my desire and for the fact that some cabals in government are the ones manipulating our currency, who knows we might wake up and see that it has started devaluation again so this is the right time to use the naira and purchase some Bitcoins.

The only thing I feel will hinder a lot of people that would have loved to buy Bitcoin is the incessant increase in prices of goods and commodity because that is what is killing the average Nigerian because it just look like the appreciation of Naira doesn't have any impact on the economy hence, the cost of living seems to be too expensive as what majority is doing now is literally to have food on their table and discard other form of investment but anyone who has visions will know that this critical stage of our economy is the time to scrap out some money and make profitable investments for the future and venturing into Bitcoin investment cannot be overemphasized.

We are in a long walk with the current reshaping of the economy to meet current economic dynamism that come along with the recent naira gains over the dollars which is the major point of blames for the recent hardship and inflation in the country,  it will take a long period of time before the results will reflect on the price of goods and services in the market and until all the old stocks get out of stock many whole sellers will mentain their landing price and just like the first comment mentioned.

But another factor that could possible crash the price of good and services I the place of fuel, if fuel price could drop significantly,  thos could have an immediate impact on the price of goods and basic commodities.

Well it's actually hard to go through your post but I understand some of your points as you are directly saying that you don't see any effects being effected on the goods and services rather it was the same as when dollars was around 1800.
Now, lemme clear you here to understand why goods or price of commodities has not decreased as you may think or may have wished so far;
If Mr. A shipped a container filled a goods or products worth of 40 million Naira at a dollar rate of 1,800, and now as you may have said dollar dropped 900 naira. This person has lost about 900 naira plus his goods and products if he reduces the price of his imported goods, so he or she must sell at a higher price to finished his or her imported products to our country this applicable to any person in country so this is why you have not seen any changes yet, except during their next market when they now buy dollars at 800 or 900 then it would enable them reduce price of their imported goods to suit what our Mr. Presido has effects on all these while.

So, you can't just see any changes currently although this changes might affects online traders immediate because the dollar will decrease alternatively those who are now wanting to invest now could be at enjoying side because they gonna buy 1 dollars at 900 naira making them to accumulate enough value of bitcoin except for those who are earning dollars and during their conversion time it will be very less and can't give them exact value they do cash before, but however it's actually good to restore our dying & crumbling economy. Yet we don't see other sectors making changes or doing well, do we talk about fuel, transport and housing?

As the devalued of naira over USD has been the default of why our economy has been decreasing so low which was also discovered or being the cause for the high increments in goods in our societies for sometimes now, we the citizens or the common masses as best described are happy that with the emphasis and powerful strategies of this present government lead by Bola Amed Tinubu, we say we're glad to have had engaged on this formidable quest and returning our currency back to regaining its value as you and your team has always accused it of being responsible for the hardship of yesterday and today.
Anyhow, I can only say that I'm impressed at learning that the USD has crashed over naira where $1 is now #900 in the black market as at composing this thread based on the news update. https://l.kphx.net/s?d=9007416319617849323&extra=Q1RSWT1ORyZMTkc9ZW4tVVM=&g=56f2378cb897d447e33ad09744d806d3.

To Me President and whom in the team at this directive order of having the rate of our currency as the bone of contentions to why the economy has reduced so low, I want to call on your attentions that the price is goods are growing higher instead of going down. I also have to say that price of goods at when $1 was #1,500-#1,900 was even manageable than now the USD is at the rate of #900 in black market exchange.
To whom it may concern, we're not seeing any valuable changes in the economy and society at large yet so, what other factor do you've to tackle or default again?

I've met with lot of fellow investors who says they're not comfortable with the volume in which th USD is depreciating over our naira because they earns in USD.
But I get asking If is that really the case on how we can make profit and make valuable utilizations with our holdings? Because I also know that if we earns in a high currency as the USD, we'd also spend it out with our devalued naira as long we're in this country together rather the only better position we stands is that we invested in the bitcoin being a lucrative investment system.
But if you ask me, I'd say let the USD keep up falling against the naira in as much it would bring stability and reliability to our economy and most especially, we the bitcoin Investors of both long term or short term holders can buy and accumulate much more of bitcoins to our holdings more than we've ever been because the rate of the USD determines how much more of bitcoin we can buy.
Imagine if $1=#1, then we would buy and accumulate much more than we could ever dream about.