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I was in Enugu and went to Ogbete market to buy red oil and discovered the price skyrocketed. Usually, I buy 10 liters of red oil #2,800 but it went up to #3,500.

When I asked the elderly woman why the price went up, she said, "nwa m, okwa asi na dollar tinyere ego" (My son, they said that dollar has appreciated).

And I was like, "mama kedu nke gbasara dollar na mmanu igbo, (But Mama, What has dollar got to do with igbo palm oil) that u get from ur village" and she replied, "ihe nine tinyere ego na Enugu, asi na dollar adiro" (Every thing is now expensive because of dollar)
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Thats the ugly situation of our economy today. Our economy is regulated largely by external and foreign forces.

We always blame the leadership but it is us (Me and You) who actually messes this nation up. How does dollar affect palm oil which this woman harvested at home and processed and then brought to the market.

I also visited a friend's fish farm and he was telling his workers that he will increase the price of fish per kilo, I asked why and he complained of dollar increase. This is a man who gets fish feed from a nearby brewery.

Even my landlord has informed us that our house rent has increased because of the dollar. Yet we all blame Buhari when its is us who is messing up the economy.

The greatest saying of all times for me is from Nelson Mandela who stated that Poverty is Man Made. Why are we always opportunistic and willing to prey on each other. we capitalize on the disadvantages of another to enrich ourselves. this horrible.

The climax came when my wife came home from church last sunday and informed me that Ukochukwu (Pastor) said that people show now be sowing seed in foreign currency so that God will reward them in foreign currency. that those who give god Naira will be blessed in Naira but if you give God Dollars, Then you must reap in Dollars.

Brethren, Where do we go from here?

http://www.lailasblog.com/2016/02/greedy-nigerians-cashing-in-on-rising.html

A lot of stores are taking advantage of the the exchange rate to hike the price of items they had in stock months before the dollars rise

The climax came when my wife came home from church last sunday and informed me that Ukochukwu (Pastor) said that people show now be sowing seed in foreign currency so that God will reward them in foreign currency. that those who give god Naira will be blessed in Naira but if you give God Dollars, Then you must reap in Dollars.

I don't want to believe that this really happened.

the one I don't understand is pure water. why should price of water double overnight? even in Lagos.

are we importing that one too?

..

Hahaha. Even shoe cobblers and mai ruwa are adding prices. If you ask them, na dollar cause am.

You call it greed and I call it capitalism. At the end of the day, the market determines the price. Maybe the cost of the plastic bottles used in storing the oil has increased? Maybe the cost of importing the processors used in separating the oil from the shaft has increased? When the economy tanks, it affects most sectors one way or another.

The house rent stuff got me cracking, that's the situation we find our self in this country.

Biko, since Nigerians can't seem to live without dollars, why don't we scrap the naira and kukuma be spending dollars na?! Because this insatiable appetite and demand for dollar as if our lives depend on it is the primary cause of the loss of the naira value. I can't shout.

I don't think it's completely out of place for folks to increase the price of their goods and services, even though there is no direct FX input.
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The reality is that these business men/women patronize other goods/services which have increased in prices due to dollar effect. As a result, they have to re-price their items so they can generate enough income to meet the rising price of other items. For instance, mama Nkechi (who sells palm oil or pure water) might need to buy Sardine which has increased from N150 - N200, or replace lost phone which has increased from N20k - N30k, or buy her son a laptop which has increased from N70k - N120k.
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A high exchange rate usually gives rise to (imported) inflation. Should the CBN officially devalues the Naira and fuel price increases, then the inflation will become official. Everything in the market will respond instantaneously with price increase. The REAL value of your salaries will become less since it can now only buy a fraction of what it used to buy.
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Strike action looming from NLC demanding wage increase. Employers will resist, complaining that rising wage will add to the already rising cost of business. SMH!

Before nko?

Waiting for the Oloshos to follow suit in the price increment gallore. Only then will I be able to show my boyfriend hell in its real form.


#UntilThenIsiddondeyLook#

GurlFriend:
A blog reader sent us this mail and picture





http://www.lailasblog.com/2016/02/greedy-nigerians-cashing-in-on-rising.html

ur blog reader Is a goat why won't the price of the local oil go up? she should sell at normal rate won't she buy other goods that the pricce hhas sky rocketed? bros tink am na

The writer who wrote this is not too savvy as to how the economy works. Though not an economist, but my elementary knowledge of economics tells me that there is what they call the multiplier effect! The multiplier effect is a concept in economics that describes how an injection into an economy, such as an increase in government spending, creates a ripple effect which increases employment and the output of goods and services in the economy. So vice versa, if there is an increase in the price of dollars (which has been the major currency in most of our business transactions), the resultant effect will be an increase in prices of virtually every commodity in Nigeria. The writer failed to understand that the woman palm oil seller has to transport the said oil to the urban market and probably the transporter must have increased the price of his fares because the last time he went to change his tyres and fuel pump, he has to buy them at 20% price increase because the dealer has to increase price because of scarcity of dollars. This goes around and happens in virtually all sectors of the economy. So the woman palm oil seller may not be wrong after all!

The price of bag of pure water in lagos has increased....please what is our problem in Nigeria? we are terrible opportunists.

Teachers are left out

Hhmmmm
Na wa oo
Naija don dey turn to Egypt during the time of famine in the bible

.

But Ben Bruce said
Buy naija. To grow the Naira.




But if the naija prices are now high becos of increase in "dollars" what can someone do?


Over to you Ben


ThefakeStan

Look at everyone saying that they dont know how dollars affect our local production. Nigeria imports virtually everything. So when those goods imported prices soar, it affect the local producers. Since they will buy clothes,they will buy cars. They will build houses. They will buy electrical appliances. They will run their families.so they have to increase theirs to meet the new inflation

Dem dey mad for that country

The good thing is....

Na we we..

Shebi, the woman go buy pure water and other thingz.. She earns more, she spends more..


Now ehn.. I don increase my vexation.. Idiots wey suppose collect 1 slap for talking trash for NL go collect 3.

They are NOT greedy.
They have to survive also.
That market woman has to buy other things for her use a lot of which are imported or which the raw materials needed for their produce are imported.

How do you expect her to cope when the bag of rice she bought N10000 is now N14000.
She has to adjust accordingly.

Same with everyone else.

Iya Alagbo(herb trader) in my area don increase the price of all her herbs. . and when you ask her why? you already know the answer...
the funniest are the Agberos/ Owoda boys dem too don increase their fare, driver provoke say wetin happen?
Agbero: Oya were ni? Se oogbope dollar tiwon ni..
My people abeg help me ask wetin agbero dey sell?

Those who are hoarding the dollar waiting for. Naira devaluation are in for a long thing

The depreciation of the naira was always going to have a knock-on effect on our economy. No surprises here.

Meanwhile the people "hammering" the most are the well-connected Nigerians who can access FX at the official rate and resell at the black market. I hear say the obe (soup) sweet pass fuel subsidy own.

This greedy disposition is embedded in Nigeria socio cultural system that is founded on selfishness.
The mentality of "grab as much as you can" from the system or situation no matter who is affected or not.

You are definitely right about people hiding under the rise in dollar to inflate prices of their goods ...but the question is why is it all happening to you , na only you ....??.. even down to your house rent self SMH. Where is thy truth oh ye human ..


**ADDIKT**

Exactly.. I was about to start a thread similar to this one.


I wanted to buy boli and groundnut yesterday, the woman was telling dollar ti won, seriously?

The old woman, landlord and fish farmer were right to increase their prices. They are no island and therefore end up needing some imported items once in a while or even for their business imput. That's why white man coin the term Gross Domestic. We may not produce every single item we consume but on the long run what we produce and sell should cater for what we import.

Same here. Bag of pure water is now N150 from N80, thats over 90% increase! Do we import water too?