However, despite the appreciation of naira against the dollar, the price of commodities in the market have remained as it were during the time of dollar appreciation and to some commodities, the prices are still on the rise. So out of inquisitiveness to know why, I brought it to the forum to know why the naira appreciation isn't positively effecting changes in the Nigeria market
Mind you, na Naija we dey, and as such, the reason why I think the prices of goods never fall back to normal, despite the price of Naira appreciating to Dollar of recent from #1800/$1 to #1110/$1 na simply because the board of marketers never ready to generally reduce the price of goods (i.e since they know eh no go favour them), but if na to increase now, I bet you 2 seconds no for pass, and you for don hear bag of rice don cost #100k. So in a situation like this the best thing to do na to just buy the little you can afford and leave the rest to God, because you fit dey complain, u go get high blood pressure, and yet solution for the problem never come.
Hence, the reason why the price of goods still dey high remain for the hand of the board of marketers now, no be dollar hand eh dey again This is so dishearten, I have watched this closely though it is not bad that the naira is gaining against but the nigerians are not feeling it, the price of goods remain the same no reduction instead of reduction we notice increment everyday, they told us that when dollar appreciates in the market automatically petroleum products will increase in price due to importation price and the cost in the oil market but today we are seeing different happening, sometimes i feel that nigeria is cursed, the truth is that we have cost control in the media but in actions they have nothing to offer but i don't blame them because we are in a country where the president and the governors of varios state wake up and take whatever action the like without being questioned for it.
this price control will start from the production companies and thats when the government is sincere to their citizens, as it stands now we don't know what is behind the gaining of naira in the international monetary market because our production is zero unless they are pumping funds to stimulate the economy, if this is what they are doing it will only have a temporal effect but the adverse effect will be brutal if they eventually stop, i think the best they should be doing now is to support and lure more production companies by reducing the cost of production and transportation, with this proactive steps by the government in place we will see commodities and goods price fall on their own.