ToriBlue:
This is happening mostly in the East, greedy traders want to get rich over night by ripping us off our hard earn money.

They're increasing prices to measure up with the economic reality of the country, and no it's not just the East. & lastly there are greedy people everywhere.

SamuelAnyawu:



Okay it's only Southeasterners who increased the price of their goods and services right? I hope it's the westerners who also increases the price of eggs, also increased the price of guinea corn, Millet, sorghums in the north too, it's also the southeasterners who increased the price of yams in Benue,

Abeg God Bless My President Yemi Osinbajo "the man wey Sabi"

Love that masonic pose.

omenkaLives:
Theirs is understandable because they tend to import a few things that assist in the production processs. I was referring, in my earlier post, to things like "bushmeat". An antelope which used to cost 8k is now being sold for no less than 11k and when one protests, they are told "oga, dollar don go up, things cost"!

You are left dumbfounded, wondering what the dollar has got to do with some unlucky antelope!

Dont you get it??

If he sells his antelope 8k would he be able to afford the car or electronics or gadget that got more expensive?

Its a chain effect.

omenkaLives:
Theirs is understandable because they tend to import a few things that assist in the production processs. I was referring, in my earlier post, to things like "bushmeat". An antelope which used to cost 8k is now being sold for no less than 11k and when one protests, they are told "oga, dollar don go up, things cost"!

You are left dumbfounded, wondering what the dollar has got to do with some unlucky antelope!

Did you study Economics/Commerce in your secondary school days? If you did, you would understand why the antelope is now expensive.

ToriBlue:
Linus mba.

pls say what you know. I live in d east and ve been to both west and north, things are far cheaper here. In fact, if you are in d east , you don't have to starve, just relocate to anam and biafra market for your free yam, rice and vegs.

omenkaLives:
Deal with the currency issue and then confront inflation. Some Nigerians appear to be taking undue advantage of the situation. The prices of items, some of which have got absolutely nothing to do with our exchange rate, have been rising astronomically and these guys have found a convenient excuse in the cost of the dollar.

do u understand basic economics at all? If not you canpay me to organize remedial classes for you.

SamuelAnyawu:


Bad news? We All want a better economy

Abi APC fauthfuls buy goods and services from a different market in Nigeria?

Dalu, jisike. I see you are defending umu Igbo , don't worry, ije we go na 2019. I hope you have achieved something for your constituency.?

omenkaLives:
Deal with the currency issue and then confront inflation. Some Nigerians appear to be taking undue advantage of the situation. The prices of items, some of which have got absolutely nothing to do with our exchange rate, have been rising astronomically and these guys have found a convenient excuse in the cost of the dollar.

Hi there, how are you doing. I like reading your posts. Nigeria can't do a full float. The country isn't cohesive enough for that. It's a strange situation because there are tons of paper dollars in the country but outside the system. What we need to do is 1) increase tariffs on non essential imports; I mean cheese, biscuits?? 2) Ease the process of exports. It's a nightmare for exporters right now. Especially start ups. The next one will sound strange 3) improve NOIP ( nigerian office for intellectual property) and allow bright young people monetize their ideas and 4) steady supply of fx for invisible and crash price from time to time to create uncertainty in the parallel market 5) pay states their allocation in dollars or partially in dollars and force them sell to obtain their naira needs.
Omenka, point 3. Is critical to stem unrest amongst the young. Right now they have ideas they can't protect. They are frustrated and angry. Nigeria needs an idea economy. Once, they can protect and sell their ideas, pressure from millenials will reduce and longer range planning/ execution can take place. It doesn't sound like it connects with fx right? But it does. Calm the noise, focus on the issues.

Government must adopt an enablement instead of a control mentality. Problem is not policy it's usually foot soldiers in the ministry.

Have a good day.

The summary of the new forex policy is this: the dollar would be freely available to people that need them, BUT what you can use your dollar to spend on would be limited. Federal Government is likely going to increase import duty on some items and ban some items from being imported.

You can transact freely online if you have a domiciliary account that has forex inflows from outside Nigeria. If people begin opening domiciliary account just to deposit dollar to buy all sorts of things online, banks would take action and restrict your spending (except you have forex inflows from outside Nigeria).

CBN seems to have found a policy that is working for now, so they would do everything to maintain it.

celestialAgent:
When next it will fall, it's going to 600.


As long as banks cannot afford to reactivate international card payment, western union remain tight, all this strength will not last for long.

If the currency is really getting stronger, let us transact freely online.

steppin:

You guys should listen to yourselves. The inflation has risen by 20%, do you expect a business man to sell at the old prices, while he buys the things he needs at new prices?
It's not done anywhere. You have to increase the prices of the products you sell, to meet up. The civil servants are demanding for an increase in salary and it's no different from what the business man is doing.
When you buy goods at N500 and it goes up in the market for 1k, you don't sell at the old price, you sell according to the current price, so you'll be able to buy again and sell.
It's as simple as that.

God bless You!

SamuelAnyawu:



Kudos to Osinbajo with his positive economic policies. God Bless My President Prof Yemi Osinbajo

u

Unnecessary comments like these make it seem like Osinbajo is running a one man show. When positive things happen in government you cannot ascribe them to just one person. Government is a collective and such everyone should share in the positive and negative aspects. As far as am concerned this is Buhari/Osinbajo administration, period!

ToriBlue:
This is happening mostly in the East, greedy traders want to get rich over night by ripping us off our hard earn money.

And we are all crying Biafra! When we like to exploit each other.. When the Biafra comes is it not the same people that will be in Biafra or will new peopl come... We sometimes blame the government everytimr but in reality its our fault

omenkaLives:
Deal with the currency issue and then confront inflation. Some Nigerians appear to be taking undue advantage of the situation. The prices of items, some of which have got absolutely nothing to do with our exchange rate, have been rising astronomically and these guys have found a convenient excuse in the cost of the dollar.

says who, most commodities in nigeria are exported, so when the local commodities are sold at cheaper price how do you expect the farmers who goes under the sun to process this product to survive, believe this farmers sell the local product at high price in other to buy exported product.

ToriBlue:
This is happening mostly in the East, greedy traders want to get rich over night by ripping us off our hard earn money.

You dont have to blame the traders because they sell what they have to purchase the one they have not. If they sell their products at a cheaper rate because it has nothing to do with the dollar, How can they get money to buy the the things they dont have, that are expensive in the market?

Sezua:

do u understand basic economics at all? If not you canpay me to organize remedial classes for you.

Just look at the crap one has to put up with all because one is somehow constrained to share the same space with these toddlers. Look at the kid.

If i met someone like you outside, with this, i'd hold you up on one hand, pull your skirt down, and flog the crap out of you with the other hand.


@ Greenpasture:

I do appreciate your points, very valid.

There are indeed some measures the government could take to further ease the pressure on the naira like a couple of those you mentioned, but as you rightly pointed out, the country isnt ripe for them.

Raising tariffs on nonessential imports like those you stated could see a revolt from certain blocks and unfortunately, these people make up a major fraction of importers, and their wrath isn't one you wanna incure especially given the current state of affairs where the government seems to trying to put some lustre on her image. The attendant political backlash would be enormous.

In addition, there are certain policy makers in and out of government making a killing out of the current situation and would do whatever they can to ensure we never get out of the woods. These are moneybags with tons upon tons of forex stashed away in secret vaults across the country and what they tend to do is use fronts to keep mopping up whatever forex is injected into the market by the Central Bank, creating a perennial scarcity. I have no idea how the government can deal with these ones.

We are at a crossroads of our National experience as the choices we make today would, whether right or wrong, would form the basis upon which we make decisions, both political and economic, in future- except our leaders so what they seem to do best; show their disdain for learning. I am especially glad the solutions being preferred so far are home grown and not some IMF or World Bank prescription that almost always tend to send patients into the ICU.

omenkaLives:
Errrm, e be like say brain dey pain you this morning oo.

Of course our APC and NIGERIAN Ag. President is doing a great job and we all commend him for it, we dont need LiePob yoots to dickride him to make us appreciate that.

Please, anyone here in this FX business? Send me your contact I need to buy like $10,000.00

Nigerians are gullible, FX Ended Last Night at 445 to $1 then by Morning it fell to N425 to $1....

Could it be the little last night transaction that lead to the fall from 445 - 425? mind you most late night transactions are carried over to the next day for proper maturity level analysis and the volume of transaction could not be compared to a typical 9-5.... $3.2 billion has been pumped into the economy to stabilize FX, the same people will hijack the money and hoard it to keep making their lives miserable....

I see Osibanjo doing the same Mistakes Jonathan did....i.e if Buhari Resigns..

omenkaLives:
Theirs is understandable because they tend to import a few things that assist in the production processs. I was referring, in my earlier post, to things like "bushmeat". An antelope which used to cost 8k is now being sold for no less than 11k and when one protests, they are told "oga, dollar don go up, things cost"!

You are left dumbfounded, wondering what the dollar has got to do with some unlucky antelope!

If the hunter has to pay more for fuel, pay more for medicine, pay more for transport, pay more for rice and indomie, he definitely has to find a way to make more money! hence he has to increase his own price else he dies for nothing

omenkaLives:
Deal with the currency issue and then confront inflation. Some Nigerians appear to be taking undue advantage of the situation. The prices of items, some of which have got absolutely nothing to do with our exchange rate, have been rising astronomically and these guys have found a convenient excuse in the cost of the dollar.

imagine someone who wanted to sell a 2nd hand naija used fine to me telling me DAT d reason why d price selling to me is high is because dollar was then 520.
I asked him if he was importing the fone everyday he uses it or if our transactions will be in dollars?
I ended up walking away cos he must have infected d fone with stupidity/greed virus.

nextprince:


And who the hell is this jumping into my mention the way he likes? Ur hero, I mean the motor park tout in Ekiti said he doesn't talk to monkeys. Fyi, I'm on the same page with him in that regard. Now jump out, the way u jumped in.

You are sounding so aggressive and frustrated at the same time!
Where did i call Fayose my hero?
The true change Pastor Osinbanjo is bringing into the system is a welcome devolpment.
Every sane Nigerian must support him, atleast, to stop the killing of innocent persons by the Fulani herdsmen. You may agree with me that Pastor Osinbajo has done alot on that area than Buhari.

ToriBlue:
This is happening mostly in the East, greedy traders want to get rich over night by ripping us off our hard earn money.

Not only in the East dear. even the onion seller in Ibadan would tell you "dont you know dollar don rise up"? And yould start to think where dollar comes in, in growing and harvesting common Onion (Alubosa) in Naija.

[/b]In addition, there are certain policy makers in and out of government making a killing out of the current situation and would do whatever they can to ensure we never get out of the woods.[b]

True.
Yes the problem isn't so much policy as people. The government is toeing a fine line between market friendly policies and allowing thieves profit from the very problems they've created. The amounts of money stashed away is a security risk in itself.

The Nigerian is an instant gratification animal. We don't have a post WW2 Germany mentality. We want it now. This is an incredible hurdle for any government to surmount. But if they " cynically" calibrate the gains towards the 2019 elections, they may get sufficient time to finish the job. It won't be perfect; there are too many conflicting interests for this to happen. But if they can create a productive economy that rewards honest hard work; I will take that.

Don’t be fooled by the Naira biggest black Market gain in a year


The rally, sparked by increased sales of foreign-exchange forwards and looser capital controls, is contingent on the central bank continuing to sell down its reserves. And until it devalues or makes a clear switch to a free-floating currency, Africa’s most-populous country will struggle to lure back foreign investors, according to JPMorgan Chase & Co. and Renaissance Capital.

Forwards suggest more declines to come, investors are shunning naira assets, and a web of alternative exchange rates only adds to the confusion over the currency’s real value.

After sales of $600 million of one- and two-month forwards last week, the naira’s black-market rate rose 13 percent to 460 per dollar from an all-time low of 520. It appreciated another 2.2 percent to 450 on Monday after the central bank sold $100 million of 60-day forwards. That narrowed the gap with the official rate, which the central bank has kept at around 315 since August, to the smallest since September.



Read more https://rezponder.com/dont-fooled-naira-biggest-black-market-gain-year/

omenkaLives:
Theirs is understandable because they tend to import a few things that assist in the production processs. I was referring, in my earlier post, to things like "bushmeat". An antelope which used to cost 8k is now being sold for no less than 11k and when one protests, they are told "oga, dollar don go up, things cost"!

You are left dumbfounded, wondering what the dollar has got to do with some unlucky antelope!

so u don't know that dollar increase will affect
the economy, the person selling the antelope is not going to pay for transportation and the vehicle which
is being used for transportation,will it run on water?our refineries are bad,where will the fuel come from? import,last time I check, we import with hard currency,so u now see the chain? BTW Nigeria is an import dependent country

omenkaLives:
Deal with the currency issue and then confront inflation. Some Nigerians appear to be taking undue advantage of the situation. The prices of items, some of which have got absolutely nothing to do with our exchange rate, have been rising astronomically and these guys have found a convenient excuse in the cost of the dollar.

The price of Dollar affects every thing due to the "multiplier" effect

SamuelAnyawu:



Oga I'm from the east tooand live in Maiduguri right now goods here are more expensive than southeast.

Liar!

maasoap:

Liar!

Do you stay in Maiduguri?

SamuelAnyawu:



Kudos to Osinbajo with his positive economic policies. God Bless My President Prof Yemi Osinbajo

kudos for doing his job haba?

gowaga68:

From your first comment it implies all products from the east are cheaper since you sell them up north which is simply a lie to what I know .
It may not sound untruthful to you but it is.
Just simply spell out this cheap things you buy there abs sell to the north if not imported products.
Am waiting.

No1 Is Red Oil.