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

[Cryptomultiplier]

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.

[Y3shot]

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.

[Gormicsta]

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.

[Doan9269]

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.

[philipabaku]

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. 

[Nheer]

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.

[Obari]

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.

[Stable090]

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. 

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.

[Mate2237]

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.

[Nangiconference]

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.

[RockBell]

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.

[odunybiz]

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.

[Cryptomultiplier]

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]

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.

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.

[Charles-Tim]

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.

[Cryptomultiplier]

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.

[Zackz5000]

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.

[Loveday422]

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

[Jaycoinz]

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.

[Mate2237]

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.