Bitcoin Forum

My country people, I greet Una o. Abeg I go school graduate o but e get one thing wey I Neva really understand and I believe say the forum na the best place to ask the question. I wan really ask how dollar wey oyibo Dy use Dy take Dy affect the prices of goods and services for our country because if to say na only goods wey dem import I for say na the exchange rate when making payment but how e take affect things wey we they source raw materials locally come produce here like garri, rice, indomie, cloths, and other things
This thing Dy really make me struggle and look for means to earn in dollar.
Abeg I Dy wait for replies if possible use graphics, practicals, example and illustration anyhow wey I fit use understand am.

Dollar rise affact Nigeria because we are a net importing nation and dollar is the main currency used for international trades. Virtually everything we use in Nigeria is imported and you need dollar to import the goods. Assuming we are producing most of our things then there will not be too much dependence on the dollar.  This is the simple explanation as to why the rise of dollar affects our local currency so much.

One thing you should also know as to why the rise is so rapid is because our practices here creates unnecessary scarcity of the dollar. When an Igboman want to bring in container and there is no dollar for him to pay and do that, he will go to the black market and buy at any price, the Aboki at that end will increase his exchange rate for quick profit, na so the price go dey rise dey go.

A good question just as you have asked mak I break am down just as you have said the way dollars dey affect naira.

Firstly dey get wet in we dey call inflation and if this inflation don happened things go just  cost because 50% of Nigeria usage now they are all imported from the outside country.
So for u.s if their country money just high I guess exported tinx from their country to our own go just cost bam.

You be mention garri and Indomie all this one na because of the fuel expenditure that why all these foodstuff costs, for example like rice in my village after the production of the rice na car go carrying am com outside to com sell for businesses men with a little bit of high price, then the businessmen com carry am enter shop add their gains I guess that's why the foodstuff dey high.

So i guess that is why all this foodstuff just add costs every day.

I'm always happy when I see people ask questions about what they don't know and wish to get clarify on issues that matters, hence, I will be throwing small light on how the price of dollar take affect locally made products such as Garri and beans.
So do you know that when the price of dollar increases, it always affect the price of fuel, which is an imported product, and when the price of fuel is increased, there is a high tendency for it to affect the price of transport fare, of which after the local producer may have paid a high price just to transport his Garri from point A to point B, such individual is force not to keep selling with old prievto increase the price  

you know, the way the market system works is that almost everything is inter connected and once the price of one thing increase, it wfdecr the price of other commodities.

The most easy way to explain this is to that most times it's always when the price of fuel goes up that we experience increase in the price of goods and you know that we buy these fuel from outside the country and what is used in such transaction is basically the Dollar and so when the price of dollar increases, the price of fuel will also increase and and then the cost of transportation will top up which will now affect the price of even those locally manufactured goods. What would have made it easy for us to come out of the whole dollar crisis would have been I we have started refining out petroleum product by ourselves. But as long as we continue to import goods that we can produce locally, then we will continue to have his dollar crisiss.

Another thing is that you don't expect the local farmers not to increase the price of garri in the market when the money they normally use to purchase rice have doubled because of importation fees.

The business world is interconnected so ones you see a major item like fuel increasing in it price, every other commodity will join it in doing same.

Em d pain to the heart sae the goods and services wey we d use for this our country is under the control of dollar, even the so called fuel wey get, is exported to another country to be refined and sent back to our country as imported project. What a shame em be that we no get a single refinery upon the billions of dollars wey our country the generates from our mineral resources, none is being save up to have my own refinery, even na one.

Dollar increment to naira don X(times) the product of everything to about X4, which don cause hardship give everyone for the country. Both the rich and poor are affected by it and nobody d exception for the hardship.

Few days ago, a peaceful protect was led in Minna concerning the hardship. Every soon other states go join to protest about the hardship. You know wetin em mean when all states begin to the complain of hardship happening in the country. It can lead to a coup, wey be sae military go fit take over the country.

I nutshell of the whole matter be sae, FG should do the needful before it is too late because nobody d happy for the country.

Links to Minna protect: https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://punchng.com/niger-protesters-lament-hardship/%3Famp&ved=2ahUKEwjTmOra8J2EAxVPVUEAHS1kBRYQFnoECC4QAQ&usg=AOvVaw14f2kB72Xj0GrnKWZKX_I_

Nigerians In Diaspora Join Agitations Against Hardship, Petition link: https://www.google.com/url?sa=t&source=web&rct=j&opi=89978449&url=https://saharareporters.com/2024/02/07/nigerians-diaspora-join-agitations-against-hardship-petition-tinubu-plan-protests-united&ved=2ahUKEwjTmOra8J2EAxVPVUEAHS1kBRYQFnoECCsQAQ&usg=AOvVaw0lpShAl4yyYx6Spg7XmhHz

Thanks you all for your contribution. I got to understand that the whole thing centers on FUEL which is imported. Mind you, all aspect of business needs fuel in either transportation or production. But I noticed the way prices of goods and services increased recently however the pump piece of fuel did not change. It seems this measurement is not complementary and agreeing.
I can now explain it to people my graduate is not in vain any longer. I have "STUDIED TO SHOW MYSELF APPROVED".

Most of the things we use in Nigeria are imported, the more dollar keeps on increasing the prices of things imported keeps on increasing, but if dollar dey drop, then prices of things go dey drop. Things produced locally are increasing because the tools and fertilizers even farmer’s are making use of are imported, and the prices are increasing, fertilizers and chemicals which they are using are imported, so they spend more money on getting those things, they spend more money on transporting their goods due to increase in fuel price, and after selling their farm products, they need more to buy some other things which they also need, and most of those things are imported so they will spend more.

And also the government should be blame, they don’t control price of goods in the country, they allow everyone to sell at any price which they want, so immediately one person increases price of a product, then others will also do so, and government won’t control them.

Most of the products that are used regularly are imported into the country.. and these transactions are done using dollar as the currency.
So when ever a merchant wants import goods into the country, he will have to change his naira into dollar and as the naira. Although the value of the dollar is unchanged bust as naira depreciates, the merchant will need more naira to be converted so he can make purchase. And the extra naira that he converted must be accounted for and he will have to make it back with profit... So he had no other option than to increase price of goods.

Dollar no suppose affect our naira in d country, assuming our leaders are doing d right thing to invest in d industries and some of d things we are using in d land b imported from other countries were dollars is d popular international currency dey are using for exchange for any kind of goods and services.

As long Nigeria are still using foreign products in d country, it will continue affecting our goods and services in d country until our government do d right thing to start investing on industries were manufacturers in d land can have access to Nigeria raw materials to produce goods to be in circulation and to reduce d price of d products in d market.

I don't totally agree with you. Buhari and Tinubu somehow want us to product things ourselves. When Buhari called us lazy youth, it is because somehow (Buhari) want us to work sha... He lock the border to force do things.
Just me trying to see things differently.

Dollar no dey regulated for Nigeria, and that na why the price dey appreciate over Naira.

Secondly, dollar na the world reserve currency, wey be say as long as you won do any international trade, na in dollar una go negotiate, and get paid, because dollar get weight.

Nigeria produce wey them dey carry go outside the country dey very small, and the one wey we dey buy from outside the country come inside the country for consumption dey very high. This thing come make oyinbo no fit negotiate well with Nigerians to see say our Naira no depreciate, because na how you take contribute your resources to help other countries for the world, na e go determine the value of your currency.

When them bring in these goods to our country, people wey buy go increase the price. If say Nigeria fit fix our refineries fuel problem no go fit make things cost again, but another factor fit make things cost.

Odohu I really beacon and concur to this your explanation nothing  comot from these real issue of the naira fall and cost of price of things, the country import everything including the least toothpick. But there is something  I want add up here our nation here citizens are greedy mostly our investors and traders they have form all manner of union just to purnish the common man, of a Truth we import but there are some food we don't I can vividly say that our people here in Nigeria is too greedy of much gain, example during the festival period been the Christmas you hardly afford onion we don't import onion but the people halwd it for much gain, what if garri, yam and other food items are fully produce here but is not affordable. One thing I see is just that our government don't have good policy to control the market here one organization will just wake up and increase price of food without any government to stop them that is the reason everything is tide to Dollar even when is not imported.

One main reason why good in Nigeria is affected by dollars is because of fuel and other imported goods but keep the imported goods aside, let's talk about fuel, when fuel high in our country the sellers both wholesalers and retailers also add more prices to the goods that they bought and there are also marketers who are more greedy than others they will add money on their own because fuel price is also high and when they want to transport the goods they will want to play brain for vehicle guy to reduce the price for transporting the good but some of these drivers do reduce money for the transportation because they also feel for the business people a little.
But when they arrive to their business places they will add times 1 and a half or 2 to there good including those who's drivers didn't charge big fees for transporting their goods which is not helping.
But funny enough that the price of fuel is what triggers many business people to increase the price of their goods and one thing that annoys me is that the government aren't saying anything to help the matters and even if they are saying something about it, they ate not putting them to actions which makes then not helping matters at all.

This has been said severally, Nigeria is a consumer nation, even things that we can produce here are been imported, just imagine going to purchase goods from another country, you will have to buy dollar first before they can allow you to do such, even in Nigeria here import duty is been paid in dollar, somewhat do you expect, another aspect is hodling of dollar by our politicians, if a thorough search is been conducted in must of our politicians house, the amount of dollar that we will see will surprise many of us, and again if someone import goods to Nigeria in dollar, you don't ecepevt such person to sell at a cheaper price a few paying a high import duty and clearance fee.

Normally anything we no dey important no supposed dey expensive why because those things we dey produce am here locally but they only wey I think this things take increase na transportation. Imagine say fuel na 660 or 680 per littr and you wan carry goods from East to west and you know how much you go spend to take transport am only that alone self supposed make those small things dey expensive.

 Naturally no be dollars dey cause am na just fuel and transportation if you say you no wan enter public vehicle then carrying your personal car is the worst because fuel wey you go take fuel send your goods across the state alone self don dey equivalent as dollars price whereas everybody come dey put am for dollars head. na just few things dollars dey control.. but we wey be 9ja wey dey always take opportunity of any small thing wey go affect we country.

Exactly, the way naira is been presented is actually what affects it. Naira isn’t treated as a currency that should be regarded for storage. This can be done just as you said by not only using the dollar currency for every transaction but also the naira should be used. Imagine having to sell our crude oil to another country using another currency which is not suppose to. You need to give people reason to hold your own your own currency before it generates value.

Another reason why Naira also depreciates is the excessive printing of its paper money, most top currency in the world mostly put regulations in the number that should be printed so as to have a limited number of that currency but that is not it.

As to OP what actually set the price of things high when there is always dollar price increase is sometimes people selfish interest there are some markets that dollar hasn’t actually touched but they are increased due to others increasing there’s and not necessarily the dollar affecting it

You are right. When the price of fuel increases, every single thing in Nigeria gets an increase in price, whether the imported goods or things that have been produced here. Petroleum is an imported product, and the reason why it affects everything is because the fuel is what the traders and businessmen and women will use to bring those things into the market to sell or buy, so since it’s a business and every single thing you spend must be calculated in order to know how much you spent and how you are going to sell and get your profit, you can see that there must be a high increase in the price of those things.

However, if you look at it since the price of fuel has increased, everything is costlier in Nigeria, so when the dollar rate gets high, things become worse for the citizens because most investors that buy something from foreign countries use dollars to purchase those things. You can see that if they bring them here to sell, they will also add some money so that they will also gain.

As Nigeria dey so now, na two things dey make price high and them be fuel price and dollar to Naira exchange rate. Okay for the fuel price now, when transportation put money because of say transporters buy fuel high so market people too go add money for wetin them too dey sell because them need to cut cost too, nobody want gree for anybody.

For dollar own nko, we sabi say naija no dey produce something and so most of the things wey we dey use na by import and you have to buy dollar to do that so it gives dollar more value than Naira plus the politicians wey dey store dollar for their houses. Some politicians and governors no dey use naira but dollars and that further weakens the Naira. Some countries wey dey serious dey use their currency for anything dem want do.

Not just Fuel per se. Most of the increase in prices are also associated with inflation, although fuel subsidy removal was the initial backbone for all these because it also affects the increase in Naira value, which means it contributed to the Naira devaluation since all businesses that need fuel need to convert their money to USD to buy fuel abroad.
This hardship we are facing is also based on our selfish interest; even some goods we do produce by ourselves are expensive just because of the trend of dollar price, and if we looked at the whole scenario, we the poor are the ones suffering from all these; nevertheless, we need to take serious major to bring an end to market price manipulation.

Na the effect of your country being a consuming country and not a producing country, wetin we sabi for this country na to just dey consume and we dey import 90% of things wey we dey use for this country and when we dey do international deals na dollars we dey use so anytime wey we dey import and is being affected by the price of the dollars.

The major things wey we dey use for this country is imported, the fuel, electronics and major food suppliers are all import so dollars dey affect all this things and your local garri or product seller also gets affect so she too go come add price too as the cost of productions dun increase and she go also need better profits to use buy those other things then wey dun increase. Transport hikes comes from fuel price increasing and since we dey use dollars buy fuel, if the price of dollars increase because of the depreciation of Naira dat one go affect everything wey dey market as they all get transported.

Lastly, out of greediness some market women and men go always take advantage of the increase of dollars to increase their own prices even as na old stock while some need increase even though na old stock because dem need make profits to use buy the new stocks when them go go market go buy new market.

This no be typical question way concern the forum but still, we get corner for the forum as Nigerians and this na something way Dey affect us so, e no bad to talk about am.

No be lie say, there have been a dollarization of our economy so tay, our currency don fall for ground yakata. E don turn one means to spend big and if you Dey deal in dollar, e go con look as though, na you Dey run the town. The matter just cast and e start from the top con enter the bottom.

Now where the matter spoil be say, we no Dey value made or produced in Nigeria. You for think say na for imported products e end o but, e Dey materialize for we everyday and even local products via say,
Mama way Dey sell maggi, e go like carry money way e realize buy salt. Mama way Dey sell salt, e go like use the stock fish. Brother way Dey sell stock fish, e go like use the money buy body spray, wrist watch, phone and so on. Na from there the money Dey grow, from the person way Dey sell imported items. E go increase am to meet up en sales. Person way wan buy from am, e go increase the service or product e dey sell to use generate money way e go use buy from person way dey import items and just like that, the trend continues.

The effect of the dollar rise in our country is because, first of all, the higher the difference between the dollar and the naira the less value the naira would have. When the naira has less value, its purchasing power will reduce i.e. when you go to the market 10k can't buy what 10k used to buy.

Another reason would be that Nigeria doesn't produce most of its commodities instead imports from other countries and depends on the dollar exchange rate to pay for those commodities. So when the dollar per naira increases, we pay more and of course sell at a higher rate. There may be other reasons though... but these are the 2 important reasons why.

Normally things no supposed be like this but Nigerians like to dey cause problem for ourselves. Honestly 70% of what we consume in this country are imported. With this being said prices of things are are going to rise as Naira weakens against the dollar. You as a garri seller will go to the market and buy other things high so in order for you to meet up you will increase the price of your garri. So are other traders doing that's why other things which are produced locally are also increasing in prices. Secondly why the price of locally sourced materials are increasing is because of cost of transportation and insecurity farmers are facing. People will go to farm and they are kidnapped, killed and women rapped. Because of this many people are scared of going to farm and when there are many people chasing few goods prices will definitely increase.

E dey for people to get plenty sources of money or dey do plenty work at the same time. See some ways wey fit help you balance one job.

Find small-small work wey you fit do wey no go take all your time, make e match with your main job or other things wey you dey do.

Use your skills or wetin you sabi do to do work for people on your own time.Find work wey you fit do from house wey you no go need to go office every time.Try work for gig economy platforms like Uber, Lyft, TaskRabbit, or food delivery services, where you fit choose when you wan work.

Find job wey get flexible time or wey you fit change your time based on other things wey you dey do.

Do work wey dey happen only for some times of the year, like selling for Christmas time or helping people with tax during tax season.
Turn the things wey you like do for fun into money like selling handwork online, teaching music or taking pictures for people.
Start small business on the side wey fit match with your skills and interests, whether na small online business,consulting or some other service wey you fit offer.
Make sure say you dey manage your time well so that you fit do both jobs well and still get time for yourself and rest.

Before you start second job, think well about how much time e go need how e go affect your balance between work and life and if e dey in line with your long-term goals and interests. Also check your current work agreement to make sure say you no dey break any rules by doing another job.

Their are somethings wey no get anything to do with dollar but still the price still dey go up. Their are things that are made here in naija, not even imported but the price they go up. Wetin me I Don notice from naija people is that them dey like to take things for advantage.  Any slight opportunity Nigerians don see ahm as opportunity to make money and after we go dey complain say our government bad and we common people we no fit even help ourselves.

Na very thoughtful question you ask. I hope you still dey follow this thread make I for lend my voice for the contribution. I no be really economics student but I know small how things work. Make I highlight things out;

• Majorly electronics are impacted directly by dollar because na direct dollar to naira trade
• Another thing wey dey high goods na clearance for airport 
• Major thing wey dey high domestic goods no be dollar but cost of transportation which wetin cause am na high price of fuel 
• Upon all these, global inflation still dey
• Again, the effect of recession wey Nigeria enter years ago never commot

We no dey expect better unless go save us.

I understand say maybe you think say na only to dey import goods dey make naira fall and dollar com dey go up but then you need to understand say apart from those final consumables wey we dey import we dey also import raw materials wey we dey use to facilitate local production especially in the transportation system and dat na why e dey always affect even w b say na our locally produced products dem, because when dem produces dis tinz dem, na transport dem dey use move am from one place to another but then we now no dey refine or produce our petroleum products so when dem import am at high price e dem make the transporters increase the price of d fare too.

Another tin b say when things hard like did local producers dey carry price up so dat dem sef fit survive de economy and still dey in business because we no dey get everything locally, even for local production we dey need some foreign materials to help facilitate all these things.

Omo when u mention garri sef I nearly cry this things na matter wen we all supposed know. wetin concern cassava concern dollar. These questions na questions wen we Dom ask ourselves tire but we come know say Nigeria no dey like follow who know road Nigeria no reason common man wellbeing if not how everything wen Nigeria dey deal with go be importation of goods and now dollar come be the main currency for foreign trades so anything wen dey deal with import dey deal with dollar.

. We Nigeria get one of the best oil drilling but where to take refine this oil come be problem so we sell this same oil wen we get, go back buy am come sell for high price for that case import Dom enter dollar Dom dey involved farmers need engine to grind garri we know how much be one litre now come consider transport.

The best thing for every Nigerian citizen now na to look for work wen go pay in dollar as to meet up and for me I think Bitcoin na one of them.

No country dey make better progress if the only thing dey depend on na import and consume. This thing don worry Nigeria wella and including other African countries. This na thorns for the flesh of African countries.

This one na the real Koko boss man. We Nigerians sabi take unnecessary advantage over our fellow Nigerians. As the way things be now, you go notice say 3 grocery stores in your street are just selling different prices. Many of those prices are not market prices but just generated by the sellers in the name of bad economy.

My brother you see this aspect of complementary and agreeing doesn’t hold water over here cause of greed let me break it down abit to give you a bit of why it’s not agreeing the country we spend to transport our products over there to be refined, we then buy it back at international rate from them pay for transportation of the said petroleum products on arrival we dispatch them to various tank farms and other storage facilities.
Now it’s in the country our dearly beloved oil marketers then buy it from those importers like the government and other private firms now each marketer buys it at a different rate adding as little as 10naira per product as profit some 5naira now when distribution begins you cannot get a fixed price anymore because MrA bought at 555naira while MrB bought at 560 little difference but in the grand scheme of things makes them a lot of profit.
This is Nigeria where there are no regulations and when there’s one bribes are given to look the other corruption as eaten too deep into the core of this country and we need to cleanse ourselves for a really better Nigeria.

The rise of dollar in Nigeria na as a result of economic factors wey dey affect de country and these factors na, inflation, our economy no dey stable and government policies. Inflation go fit decrease the purchasing power that is the amount of goods and services dem go fit buy with a currency and if U check na mostly dollar we dey use because most goods and services are imported and our currency value dey decrease so ee go make those good expensive impacting de prize for stores.

Locally, how ee take dey affect prize of good and services na mostly cost of fuel and transportation. Exchange rate dey affect fuel for Nigeria because of imported fuel and once de prize of fuel dey high transportation go increase
just imagine transporting fresh tomatoes from north to south and most of our locally made goods here e.g like garri U go need grind am and grinding machine dey use fuel so dem go add prize and after grinding U go transport am go Market to go sell so U see am say dem sef go calculate dere expenses den add prize to get gain. This dey applicable to others also like palm oil, some products U go buy  raw materials and transport am from one region to another or inter-state. So increase in fuel prize and high cost of transport dey really affect our goods and services locally.

See as e be my brother.

Check your house, from electronics items in your home down to kitchen items, they are 99% imported into Nigeria, even if some of them are assemble in this country, they are all imported into this country. The cars you have around are imported and when you check all of this, you will realize that dollars is generally acceptable method of payment for importation of goods to this country. Now, because of our dependency on this imported items, people need dollar to buy this items to be shop to Nigeria but dollar isn't that easy to get because Banks no longer give dollar to individuals anymore, so it's creating a high demand and people are giving out all their naira just to be able to buy goods from outside country. The scarcity of this dollar is making people give more naira to get dollar and it's killing the Naira because the demand is high.


This has been on the increase since June 2023, people need dollar, they don't need Naira to do all this things and since we don't export things much like we important, it's weaken the Naira every day as more demand for dollar keep increasing.

So because importers increase the price of their goods because of scarcity of dollars since they are imported, the person buying from them to resale will also increase their own and that will equivalently makes other people to adjust their sale higher so they can meet up with the other commodities that have increased in sales.

Farmers services has increased in price, a fertilizer selling for ₦25k last December is now ₦38k, you don't expect the farmer to sell his products cheap after fertilizer sales has increased. These are the reasons why things are expensive and the economy is slowing down in development and that's as a result of high dependency on importation.

   E dey affect because na the same Naira we dey spend for the country. See o ,who dey sell or do garri go wan buy iced fresh fish, chicken,or tin/sachet tomatoes,and the prices for all these things don go up , how him go do take meet up so that him and him family go eat,na to put money for the garri or indomine wey him dey sell or produce,so that e go fit buy fish and chicken wey the price don cost to eat ,na so e b for who dey village too, because wen them sell their market e no go worth the money wey dem go take buy wetin dem go eat,   abi na transport wey don go up? dem must meet up, na him make price increment dey affect everything and everybody .

D way the matter take dey disturb you and no know how dollar take dey affect price of goods for Naija na wetin make me wan know too long time ago. E come be like say na intentionally our people dey do dis thing because me too don reason am say, if we fit dey produce some locally food items here, why the price go still dey high for here? Some people go talk say na because of say one way or the other, you must wan use product wey dem import and e go affect your business or calculations if you no go get am d way you dey get am before, so must people just sell high as a result of that event to make it balanced when them wan go out to buy other commodities too. All dis things no be koko as a I believe say na price regulations wey no dey work for our country dey cause all dis things.