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

[Majestic-milf]

 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.

[EarnOnVictor]

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.

[Cryptomultiplier]

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?

[iBaba]

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.

[Asiska02]

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?

[promise444c5]

~

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

[Sexylizzy2813]

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.

[AmaGold70]

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.

[Belarge]

~

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.

[Cityhunter34]

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.