ednut1:
Dollar is dropping. Why are prices not dropping?

That's because a larger part of the prices of goods is as a result of high cost of transportation owing to the high price of fuel. So the dollar can sell @ N800 per dollar and prices will not be significantly affected. But see how prices will plunge down if fuel sells at 250 per liter.

JohnAOne:
I immediately changed £1280.20 (about $1689.80) on Monday when CBN was selling to BDC at 1251.

$ was 1443.18 when I changed, now $ is about 1300.

If I didn't act, I would have lost more than 150k

Dem no dey tell person!

If you like (at this point in time ⏳) continue to hoard...

What platform are you using?

Dollar is still coming down to ₦20 to $1.

JohnAOne:
I immediately changed £1280.20 (about $1689.80) on Monday when CBN was selling to BDC at 1251.

$ was 1443.18 when I changed, now $ is about 1300.

If I didn't act, I would have lost more than 150k

Dem no dey tell person!

If you like (at this point in time ⏳) continue to hoard...

People like you dont know anything about finances . Just here yapping. When in the history of the world have hoarding dollar ever been unprofitable

Dvdpity:

Nigerian consumer protection council ain't doing their work. They should all be sacked. This is what developing countries do, by setting a price range for various goods and services on prevailing economic conditions and developments

You don't know anything.

For prices to drop importers or manufacturers will need to sell off the previous products they got or produced at the old rate.

cucumbar:
😁 if you dont know what difference 300 naira makes when talking about FX, then you are an antelope. A lot of you APC supporters are actually dull. I can’t take that away from you guys.

You know what is sentiment analysis? It is such a shame what the internet does to how we see things and people.

ednut1:
Dollar is dropping. Why are prices not dropping?

Basic economics will teach you that people will not suddenly reduce their price in the next 6 months or even a year that’s the baggage that comes with currency instability…

As an import dependant country, when dollar rose to 1,900 some people bought goods, some of those goods are in their shops while some are still on high sea, not yet landed. Those traders are in a mess right now because worse case scenario they will need to sell off those goods to atleast get their capital out first before we talk of price going down.

Long term Fx stability is what is needed to stable pricing …

market forces must move, and basic economics will come to play

socialmediaman:
Propaganda is the hallmark of this government!

If after lying to you for 8 years that Buhari was doing well, they came back again claiming that Tinubu was cleaning up Buhari’s mess, and you still believe anything from them without demanding to see the evidence, just go and collect your award, you’re a certified zombie

End of Story!

what is propaganda in this report ? There is a difference between propaganda and fake news . The news of 1000naira is not from government but those that like carrying fake news . Dollar was 2k before and is now dropping to 1200 which the govt need to be commended . if they do bad we blame them and if they do good let us also commend them .

ednut1:
Dollar is dropping. Why are prices not dropping?

They don't want the prices of food again to drop, especially those ones they claim they import. It is well with the heart of Nigerians

airsaylongcome:


This argument traders make is one of the most hilarious.

Did dollar hold its increase for 6+weeks before traders rushed to increase their prices? When they had stock at old rates, did they wait to sell it out at the rate they bought before rushing to increase prices?

Retail traders objective is to make maximum profit and avoid loss as much as possible.

If that trader sells old stocks at old rate, what happens when he wants to rebuy? It's either he buys lower quantity which affects turnover or he borrows additional money to buy the same quantity.

Instead of blaming the trader, blame the govt that has failed to stabilise the exchange rate. A vendor I used to approve his invoice at former workplace concluded import deal at 1550/$ last week and he's waking up this week to 1330/$. That's 30million Naira loss already. Man has been in pains and you want price to reduce?

Like I said, sustain this new exchange rate for 6 weeks+ to see reductions in prices. Anybody that's not happy should import and trade

Ofunaofu:


https://punchng.com/just-in-dollar-not-selling-at-n1000-1-bdcs-debunk-viral-post/?amp

Shame on APC lovers of Nigeria

Na propaganda Una wan use govern?
Na wa ooo

ednut1:
vendors had not restocked but they immediately increased price for old stock. Now it has reduced they should reduce too

Stop faffing around and capping shit....
You have shifted from 1000dollars to vendors and foodstuff

Paraman:
Tinubu is doing absolutely well. Naira is gaining against the dollar, pounds and euro. Inflation will start falling in may, the refinery will soon start working... so Tinubu is doing a very good job

In

Doing very well as how? How did we get here in first place? Have u not heard dat prevention is better Dan cure? Y did he float d naira in d first place? He met it at 600 naira per dollar. Official rate. Dere is nothing good to say about tinubu and his administration.. for now. Stop supporting evil

ednut1:
Dollar is dropping. Why are prices not dropping?

The Nigerian factor.

The worst enemies of Nigeria remain supporters of apc and bat.

They do not want the progress of this country.

lildush:


Doing very well as how? How did we get here in first place? Have u not heard dat prevention is better Dan cure? Y did he float d naira in d first place? He met it at 600 naira per dollar. Official rate. Dere is nothing good to say about tinubu and his administration.. for now. Stop supporting evil

Why won't he float the naira? Explain

Do some of you even live in Nigeria at all? It's unbelievable you will be asking why he floated the naira

Let it drop to 700 naira

PHAYOL81:


BUT point is they don't wait to offload their old stocks before increasing prices whenever dollars gain. Buy something in the morning and before afternoon, price increment had happened and by the time night comes around, another increment. They simply tell you dollars keep rising and so prices must reflect the economic inflation. When things improve, one expects quick change too but trust the market, they proclaim that it takes months before it can reflect.

WE are our own worst enemies. Each individual just take advantage of every situation to profit him/herself at the detriments of his/er poor fellowmen.

Stop being emotional; nobody is nobody's enemy. If you don't understand something you ask questions before you conclude.

Here's the logical explanation...

Let's say I normally buy an article for #5, and sell it at #6 to make a profit of #1.

Later, my supplier tells me that the new price is now #8. I must increase my price to #9.

Why....
If I don't do that, I won't have enough money to restock the products when the current ones finish.

That's because the current selling price from where I usually buy it is higher than both my selling price and profit.

In other words, for selling at #9, I am still making a profit of #1. But those who don't understand the business logic will think I am cheating them. If I don't increase my price, I will run out of business.

I hope you understand this....

@Martineverest

JohnAOne:
I immediately changed £1280.20 (about $1689.80) on Monday when CBN was selling to BDC at 1251.

$ was 1443.18 when I changed, now $ is about 1300.

If I didn't act, I would have lost more than 150k

Dem no dey tell person!

If you like (at this point in time ⏳) continue to hoard...

. Hello John, please how do you change it

nedekid:
I saw a post yesterday price of diesel had gone down to 900 per liter. See as I joy yesterday. Na so my people ordered 300l from the supplier. I asked how much. My person said 1500 per liter. That was how I halla they say them wan hammer me local. I told them it was 900 at Nnpc. They were shocked. I said we should drive there. Omo, see embarrassment, it was 1490. Lol

Propaganda. Had it been you didn't try to order, you would have continued to peddle the news that diesel is N900/liter.

Paraman:
Tinubu is doing absolutely well. Naira is gaining against the dollar, pounds and euro. Inflation will start falling in may, the refinery will soon start working... so Tinubu is doing a very good job

In

If it's so... I'll start supporting Tinunbu. I'm not in for tribe...but, for the betterment of Nigeria

micxwell:
Propaganda. Had it been you didn't try to order, you would have continued to peddle the news that diesel is N900/liter.

And when did you ever see me peddle propaganda?
Pls do not make assumptious statements, it is too early in the day for petty talk.

Paraman:
Why won't he float the naira? Explain

Do some of you even live in Nigeria at all? It's unbelievable you will be asking why he floated the naira

What is d reason for floating d naira? It just for selfish benefits. Example. Playing along with the IMF policy in other to get loan. And to remain in office. U n I know Tinubu have a lot of shit in his ass. To they use dat as a yardstick to get him do wat dey want. I hope this makes sense to u.

nedekid:

And when did you ever see me peddle propaganda?
Pls do not make assumptious statements, it is too early in the day for petty talk.

You're getting it all wrong. You saw that news somewhere, didn't you? Exactly. But you went a step further to confirm it. That's what makes you different. Some will not and will just keep spreading the info as it is.

micxwell:
You're getting it all wrong. You saw that news somewhere, didn't you? Exactly. But you went a step further to confirm it. That's what makes you different. Some will not and will just keep spreading the info as it is.

Ok. Thanks. I understand.

grandstar:


So if you imported goods of $5,000 and bought the dollars at the rate of 1,900 which totals 9.5m, you will now sell it at 1,300 because the rate is dropping? Of course you will first dispose of it at the 1,900 rate.

If you now purchase new stock at the 1,300 rate., you can now dispose your wares at the 1,300 rate.

It will take time for prices to drop. Some may even sell at huge losses.

Never Be so quick to judge. It is such judgmental spirit thar blinds one from seeing things as they are.

Copy copy make me shine.

lildush:


. Playing along with the IMF policy in other to get loan.

Please provide evidence Tinubu devalue the naira so as to get loans from the IMF.

A lot of you just talk anyhow

Paraman:
Tinubu is doing absolutely well. Naira is gaining against the dollar, pounds and euro. Inflation will start falling in may, the refinery will soon start working... so Tinubu is doing a very good job

In

That refinery no da ever start?

ednut1:
Dollar is dropping. Why are prices not dropping?

Just imagine. Price increases by just the speculation of dollar increase. But now it's actually going down but price aren't going down

olatuns2017:



Dey play

By this time next month na N800/$

Amin to this

PHAYOL81:


BUT point is they don't wait to offload their old stocks before increasing prices whenever dollars gain. Buy something in the morning and before afternoon, price increment had happened and by the time night comes around, another increment. They simply tell you dollars keep rising and so prices must reflect the economic inflation. When things improve, one expects quick change too but trust the market, they proclaim that it takes months before it can reflect.

WE are our own worst enemies. Each individual just take advantage of every situation to profit him/herself at the detriments of his/er poor fellowmen.

Quite true.

ednut1:
Dollar is dropping. Why are prices not dropping?

It will take time to reflect