Why the ineffectiveness of naira appreciation in the Nigeria market

[Donneski]

Earlier this year, there was a significant hike in the price of commodities in the Nigeria market because of high appreciation of the dollar against the naira. It got to a point that the exchange rate of a dollar to naira because #1940 which resulted to marketers across the nation to increase the price of commodities which also affected the cost of productions in the country thereby making every buyable commodity to remarkably increase their prices but over the last four weeks, the naira have appreciated against the dollar as the current price of naira against the dollar is below #1200 to $1.

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

[1714509051]

1714509051

[1714509051]

1714509051

[1714509051]

1714509051

[1714509051]

1714509051

[1714509051]

1714509051

[Doan9269]

I don't know the mystery in how the government is doing it currently, that the naira is gaining dominance over dollar, while the economy is not improving and the market price of items in the market keeps getting worse, this is more of being running something behind to manipulated the exchange rate, and i don't think its something that can last because there are no sign for economy improvement in the country, so on what basis is the naira gaining power over dollar, i hope its not what am perceiving as future repercussion, whereby the dollar will win over naira to a more far and reasonable extent, the government is getting loans to make the balance in this, isn't it a calamity ahead waiting to happen.

[Belarge]

I don't know the mystery in how the government is doing it currently, that the naira is gaining dominance over dollar, while the economy is not improving and the market price of items in the market keeps getting worse, this is more of being running something behind to manipulated the exchange rate, and i don't think its something that can last because there are no sign for economy improvement in the country, so on what basis is the naira gaining power over dollar, i hope its not what am perceiving as future repercussion, whereby the dollar will win over naira to a more far and reasonable extent, the government is getting loans to make the balance in this, isn't it a calamity ahead waiting to happen.

There are laws set in place and this will only affects the developing countries. Nigeria is a corrupt nation ruled by incompetent leaders, they're also the ones that brought the country economy to this level and they will be the ones to revived the economy but they have become adamant to progress based on their personal selfish interests. The naira currency have no solid stands against the Dollar currency. The Nigeria government knows how to handle the tough economy but they're not just triggering force to drive for improvement.

[CryptoHeadlineNews]

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

[Jaycoinz]

I don't know the mystery in how the government is doing it currently, that the naira is gaining dominance over dollar, while the economy is not improving and the market price of items in the market keeps getting worse, this is more of being running something behind to manipulated the exchange rate, and i don't think its something that can last because there are no sign for economy improvement in the country, so on what basis is the naira gaining power over dollar, i hope its not what am perceiving as future repercussion, whereby the dollar will win over naira to a more far and reasonable extent, the government is getting loans to make the balance in this, isn't it a calamity ahead waiting to happen.

There are laws set in place and this will only affects the developing countries. Nigeria is a corrupt nation ruled by incompetent leaders, they're also the ones that brought the country economy to this level and they will be the ones to revived the economy but they have become adamant to progress based on their personal selfish interests. The naira currency have no solid stands against the Dollar currency. The Nigeria government knows how to handle the tough economy but they're not just triggering force to drive for improvement.

The only thought on their minds is that if they do this they are going to be the ones at the losing end and so they leave out all these thoughts of ever wanting to make the country whole again and instead they are focus on their selves and how they can get more assets outside the same country you are looting from because they don't want or like anything good for the masses. Some persons would say that the problem of Nigeria is a simple one that its for the leaders to decide but Omo na big one because even the leaders sef never even start to think of am.

[Promocodeudo]

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.

[Franctoshi]

Never forget that some manufacturers, importers, and retailers in business bought goods at a high dollar price and most of these stocks have not been purchased and before the sudden Federal government intervention on Naira that saw it appreciate against the dollar drastically; Therefore, before these will take effect on the economy and get price in, people who bought goods when the dollar rate would want to push their goods within the price they purchased, before they will go market to buy on new price and to think of reducing price, and the worst case is that we don't have an active government agencies that regulate market.

[AVE5]

Since naira appreciation over dollar, we've been much focused on this matter and in most threads here in the forum we've been a lot discussing about similar threads.
Here talking about if naira I really the cause for the hike of goods. https://bitcointalk.org/index.php?topic=5492309.msg63926839#msg63926839.

This is about naira appreciated over dollar and local vendors still trades on higher rates https://bitcointalk.org/index.php?topic=5492671.msg63942934#msg63942934.

There are more to reference in this related threads but I only presented 2 of it as I could to save time.
But anyhow, I'd say some of the readers are just wicked to still have dollar to be blamed or finding one excuses to the other.
But if you ask me, I'd say they the Federal government should get to the bottom of this situation right from the point of producers of the products to know the cost of the items used in the productions and also the finite least vendors before final consumption purchases.
This algorithm would help to marginalize the consolidating ratio if actually the federal government has rounded up the epic to bring down the cost of living in the country.

Else I'd say the rate of our naira to dollar isn't the bone of contentions in this case.

[Boron19]

Nigeria naira appreciation is ineffective because Nigerians  have assume the position of lawlessness and greed to be there priority, for instance looking from our political angle most of our politicians don't know cost of goods in the market because everything is free for them, free allowances, high salary and money laundry and this have made every average Nigerians to have  this sense  of greed that lead to too much inflation, if not tell me? How can naira appreciate over dollar yet price of goods keep going up, if not that greed of accumulating  More money is set in the minds of how producers and middle men without considering masses knowing well that not all Nigerians are well to do, you will see changes in price of goods every day even when dollar depreciate with good percentage, and you keep hearing it is the dollar and transportation that is the cause of inflation in price mean while it is Nigerians insatiable greed and quest to the detriment of others  is the cause thank you.