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Dollar Hike: We Are Our Own Problem - Business (2) - Nairaland

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Re: Dollar Hike: We Are Our Own Problem by sunnyuche1(m): 1:11pm On Feb 27, 2016
angry
Re: Dollar Hike: We Are Our Own Problem by domopps(m): 1:11pm On Feb 27, 2016
Yea that's true talk we are in a country where blaming government is other of the day!



God help this nation




Cheeeeeeers
Re: Dollar Hike: We Are Our Own Problem by Sanchez01: 1:11pm On Feb 27, 2016
mmsen:


Which 'god'? The one who flooded the entire world? Or the one who told Muhammad that no two religions should exist (in Arabia) and so prompted him to go on a killing spree?

Or maybe you speak of the god whose only solution to 'sin' was the public execution of his 'only begotten son'?

The only thing that is softened by belief in god are human minds.
It's funny how you remain bitter as an Atheist. It would be better you face the discourse at hand. You could engage me the next time I stroll through the religion section, possibly this evening. Regardless, you need not sound bitter or angry to push your belief on otherssmiley
Re: Dollar Hike: We Are Our Own Problem by babdap: 1:12pm On Feb 27, 2016
We know already, way forward pls.
Re: Dollar Hike: We Are Our Own Problem by skillet(m): 1:13pm On Feb 27, 2016
Shame on us
Re: Dollar Hike: We Are Our Own Problem by walesho(m): 1:13pm On Feb 27, 2016
Same issue with the so called palm wine tappers and shoe cobblers ''Oga dollar don cost". I just laugh in swahili grin
Re: Dollar Hike: We Are Our Own Problem by 4Play(m): 1:14pm On Feb 27, 2016
This is such a stupid attitude to adopt. In businesses where the barriers to entry are low, greed cannot explain price inflation because any excess profit will be out-competed by other businesses.

Supposing pure water sachet can be sold at N5 but "greedy" businesses decide to sell at N10, any enterprising business person can gain market share by selling at N5. This is not like telecoms, cement or power where it is difficult to compete with MTN or Dangote as the barriers to entry - government regulations/licensing, cost of capital investment - are prohibitively high so that the incumbent businesses can keep prices high with little repercussion. There is no power of incumbency in the pure water business.

What this thread represents is the penchant Nigerians have to interpret complex issues using the moral framework familiar to religious people. Every setback is a conspiracy or due to malign forces and things will all get better if we seek repentance. In reality, things are more complex: Nigeria's problems are down to a poor choice of policies with the fixed exchange regime being a major bulwark against growth. This is not a morality issue, it's Economics 101.

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Re: Dollar Hike: We Are Our Own Problem by Kangol99(m): 1:14pm On Feb 27, 2016
Okay ooooooo
Re: Dollar Hike: We Are Our Own Problem by henryhemon(m): 1:23pm On Feb 27, 2016
bebe2:
I need naira oo

Traders, students, tourist if u need pounds in UK pls contact me. Competitive rate.


We also do money transfer to Nigeria bank accounts .

I have naira.
Re: Dollar Hike: We Are Our Own Problem by rusher14: 1:25pm On Feb 27, 2016
osaslord500:
what the op don't understand is the fact that the pure water seller will also buy other things affected by dollar for a higher price. If the pure water seller is to buy a bag of rice which is now 14k from 9k, he needs to increase the price of pure water

True.

But let's also produce more rice locally.

After all the selling price makes it attractive.
Re: Dollar Hike: We Are Our Own Problem by bebe2(f): 1:25pm On Feb 27, 2016
henryhemon:


I have naira.

Wats ur rate?
Re: Dollar Hike: We Are Our Own Problem by Ahmedie25(m): 1:26pm On Feb 27, 2016
The most surprise one is even prostitute increase their fees because of rise of dollar
Re: Dollar Hike: We Are Our Own Problem by henryhemon(m): 1:29pm On Feb 27, 2016
bebe2:


Wats ur rate?

How much are you buying?
Re: Dollar Hike: We Are Our Own Problem by apatuku: 1:31pm On Feb 27, 2016
dsquare33:
It is glaring that Nigerians are their own worst enemies.Even the pepper and meat seller are using Dollars as an excuse to hike their products, no wonder the country is not moving forward.
so pepper seller will not buy other goods that are imported. The dollar issue is a multiplier effect.

2 Likes

Re: Dollar Hike: We Are Our Own Problem by bebe2(f): 1:32pm On Feb 27, 2016
henryhemon:


How much are you buying?

415 yesterday. Don't know about Monday.
Re: Dollar Hike: We Are Our Own Problem by VocalWalls: 1:34pm On Feb 27, 2016
Sanchez01 I share your views. Matter of fact, something I almost got before the hike at 8k became 11k, I ended up coughing out 15k because I needed 5pcs worth of the item.

However I'll like to point an error. It's the price hike, not dollar hike.

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Re: Dollar Hike: We Are Our Own Problem by mmsen: 1:36pm On Feb 27, 2016
Sanchez01:

It's funny how you remain bitter as an Atheist. It would be better you face the discourse at hand. You could engage me the next time I stroll through the religion section, possibly this evening. Regardless, you need not sound bitter or angry to push your belief on otherssmiley

All I've done is ask questions.

If you feel that I've said something untrue then please enlighten me with your wisdom.
Re: Dollar Hike: We Are Our Own Problem by henryhemon(m): 1:38pm On Feb 27, 2016
bebe2:


415 yesterday. Don't know about Monday.

You need it on Monday? How much are you looking at exactly? 1 million 2 million?
Re: Dollar Hike: We Are Our Own Problem by achi4u(m): 1:40pm On Feb 27, 2016
osaslord500:
what the op don't understand is the fact that the pure water seller will also buy other things affected by dollar for a higher price. If the pure water seller is to buy a bag of rice which is now 14k from 9k, he needs to increase the price of pure water
Bros you've nailed it kpatakpata, the pure water seller will pay for high cost of vehicle bringing the goods while the vehicle owner will buy spare parts at a very high price.... So, dollar affected everything we need in this country.

2 Likes

Re: Dollar Hike: We Are Our Own Problem by jesse515: 1:41pm On Feb 27, 2016
osaslord500:
what the op don't understand is the fact that the pure water seller will also buy other things affected by dollar for a higher price. If the pure water seller is to buy a bag of rice which is now 14k from 9k, he needs to increase the price of pure water

Abeg tell dis mofos , even glo increase dia comonth sub .

Always lookin for ways to blame d mmasses. Dis same tin was wat d current presidiot did in d 80's dat saw to d close down of leventis n oda shops, he has started again but dis tym, his paid agents wants to blame d masses.

Propaganda won't solve d problem, it's hard wwork n right atittude dat wil

2 Likes

Re: Dollar Hike: We Are Our Own Problem by tinktanker: 1:41pm On Feb 27, 2016
Sanchez01:

And eventually they would blame the government for the harshness of the economy without realizing the rippling effect of their actions.
d pepper seller still buys other things dat are affected by dollar so how Wld dey survive if dey Don increase theirs. It's a chain so I don't blame dem.
Re: Dollar Hike: We Are Our Own Problem by Nobody: 1:44pm On Feb 27, 2016
Gbam! #bitter truth!!
Re: Dollar Hike: We Are Our Own Problem by omoseth(m): 1:44pm On Feb 27, 2016
Naija!

Re: Dollar Hike: We Are Our Own Problem by blackprowler: 1:45pm On Feb 27, 2016
It was in 1993 I first made an entry in my journal on this issue. There was a fuel scarcity and I observed with dismay the profiteering going on amongst "poor suffering masses". I still have the journal where I wrote it. I was a university student then experiencing the real world for the first time. I'm very well known on Twitter and nairaland here of saying: "The problem with Nigeria is the Nigerian people themselves, a few of whom are in government (for just a while)". No one has ever taken me on successfully on this charge. The most influential people in Nigeria (whom I've contacted on a project to better country) simple avoid me and when my wahala too much, they block me (latest being Ben Bruce as his hypocrisy started to become clearer). My other quote: "Nigeria is a joke!" simple!

3 Likes

Re: Dollar Hike: We Are Our Own Problem by vivavik(f): 1:49pm On Feb 27, 2016
We are our own problem indeed. I agree big time.
Re: Dollar Hike: We Are Our Own Problem by Nobody: 1:50pm On Feb 27, 2016
Sanchez01:
Nigerians are perhaps the most opportunistic people on earth. With the recent hike in the Dollar against the Naira at the parallel market, One would think "hoarders" and traders have been praying for this moment to happen. They smile when they sell to you under the aegis of "Dollar has gone up" yet groan and blame Buhari when they themselves buy things they need to survive.

The recent hike in "pure water" price, from Lagos to Benin, to Enugu, one would realize after careful analysis that these people have no business increasing the prices of their products just because they intend to make horrible profits. There's a big difference between ripping off and making profits, and the former is what most have resorted to.

Just recently I called a popular sachet water company in Enugu here to supply me with water that would last me for a month, the owner, whom I spoke with on the phone intimated me that the initial selling price of N80 per bag had been abandoned and the new price is N100. His reason? "The Dollar has gone up". I had no choice but to settle for it, asked him to send his boys over after telling him how many I wanted.

With the heat and terrible atmosphere, I had finished every water in the house while still thirsty. I dashed out of the house to get a bag from a retailer around. The one I had ordered for was taking too long and I couldn't stand it; I couldn't bring myself to wait for the pure water vehicle to arrive.

To my amazement, the retailer just close to the house who had stocked even before the price of N100 per bag came into play told me he sells a bag for N150! "Why?" I mustered strength to ask him. "Are you not in this country?", he quizzed. "You no know say Dollar don cost?", he responded. I simply couldn't believe it. Let's pretend and just give it to him that he had bought his water at the rate of N100 per bag just like I confirmed from the man I spoke with on the phone, why wouldn't the retailer sell for N120 or N130? Why sell with a 50% profit just because everyone around him complains of the Dollar

There are virtually goods cum products in the market that had long been stocked before the Dollar rise and then you discover that their prices jump off the roof all of a sudden for no reason.

It is really saddening that we are the ones making life hard for ourselves. Worst of all, we are very much aware of this but would still not bat an eyelid. I find it baffling that we're quick to hike prices of goods and services and at the end of the day, find it hard to revert to the original price before the brouhaha responsible for the hike came into being. No one is saying profits should not be made, but when it becomes rip offs and cheap shots, then it shows that we are the most inconsiderate people ever. It shows that we are our own problems.

You're an accomplice to this sham and you willingly went along.

You should stand on your principles and refuse to participate in the pricing scheme by not buying from price scavengers.

Nigerians, we like to complain and wringer our hands and hiss but take no action.

Fela said it best, "we no wan die".
Re: Dollar Hike: We Are Our Own Problem by ojsmscom(m): 1:51pm On Feb 27, 2016
That is why we will easily rush to patronize all foreign goods kos we dont tell ourselves the truth
Re: Dollar Hike: We Are Our Own Problem by tunde4top(m): 1:55pm On Feb 27, 2016
Concerning people hiding dollar, you can't really blame them. They perceived naira devaluation in near future, and in aider to take advantage of the situation (which can happen anywhere in the world), they have started hiding dollars, and that again is complicating our problem. If they perceived official appreciation of naira to dollar in near future, do you think that they will not rush to dispose the dollars they have ? (which will help our currency more). Do you think they will want to keep dollar for long ?. Failed economy and something like this are like husband and wife. Concerning the pure water excess charge. A failed government will also naturally give birth to more hardship like this. Why must you blame her for making 50 percent gain when the no of patronage is likely to decrease (as a result of economy hardship on customers), and uncertainty in further increase of water (if dollar increases more), that could again result to scarcity of water if companies decide to close shops. She needs to gain more in what she sells in aider to meet the demand of goods(whose prices have naturally increased as a result of dollar increase, and failed economy) she purchases.
Re: Dollar Hike: We Are Our Own Problem by abiolag(m): 1:59pm On Feb 27, 2016
We r our own problem indeed. Imagine a friend of mine in abroad who I was happy to tell dat d naira is getting strength back during d week (when $1 to #250) was angry wit me cos I said I pray it go down more to #100 or less b4 d year runs out. I was shocked wen he told me he's praying dat it get to $1 to #700 because of his own selfish interest.
Small time he will complain dat d govt is killing d country. Wot is he doing for d country?

1 Like

Re: Dollar Hike: We Are Our Own Problem by bebe2(f): 2:02pm On Feb 27, 2016
henryhemon:


You need it on Monday? How much are you looking at exactly? 1 million 2 million?

I can take upto 20k on Monday.

It's weekend , won't be able to credit ur acct
Re: Dollar Hike: We Are Our Own Problem by NOETHNICITY(m): 2:02pm On Feb 27, 2016
osaslord500:
what the op don't understand is the fact that the pure water seller will also buy other things affected by dollar for a higher price. If the pure water seller is to buy a bag of rice which is now 14k from 9k, he needs to increase the price of pure water
Omo Edo, where is a bag of rice ssold for 14k? I give u hand!
Re: Dollar Hike: We Are Our Own Problem by henryhemon(m): 2:04pm On Feb 27, 2016
bebe2:


I can take upto 20k on Monday.

It's weekend , won't be able to credit ur acct

Alright then hit me up on Monday.

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