Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate - Business (2)

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Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate - Business (2) - Nairaland

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Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by Keystonn: 10:52am On Feb 23, 2016

Op hope you're not trying to paint igbos as greedy people ?

Why didn't the check the price of palm oil in Osun state or Ekiti?

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by Nobody: 10:52am On Feb 23, 2016

dunkem21:
Obiagelli, these are not imported goods ..

Right now, am making a killing but not happy!

This one na pure greed. A result of a single comodity dependant nation.

1 Like

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by profGinger: 10:52am On Feb 23, 2016

The old woman need more money to sustain are myriads of needs.

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by Nobody: 10:52am On Feb 23, 2016

No wahala nah. Make CBN print and circulate more money and higher denominations. If fact, #5 and #10 will cease to exist from now on. Government should increase salaries, NYSC should increase allowance to corpers, companies should increase workers' salaries, and so on and so forth since dollars don increase. So dollars is now our currency abi?

1 Like

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by tellwisdom: 10:53am On Feb 23, 2016

Are you poor??...Common 3500, na em u dey speak latin?

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by cyprus000: 10:53am On Feb 23, 2016

[size=13pt]
What an acute ignorance. So bcs she got her palm oil from village, she doesn't buy rice,beans,cloth and other commodity that their prize has been hiked?

Stop looking for innocent people to pin blame that belongs to those at the helm of affairs of this nation.

Even you're an illiterate, common sense would've doused this acute ignorance.
[/size]

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by shu10(f): 10:53am On Feb 23, 2016

hmmmm
Kaduna is worst o, the price of everything is now tripled .

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by Gboliwe: 10:53am On Feb 23, 2016

I bought screen protector for my phone from a roadside hawker. I don't even know the price of the stuff but as a Nigerian and Igbo and Accountant and nwanyi, I screeched at the price he mentioned. He told me " Aunty na because dollar don increase."

Na wa ooo

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by demosoft: 10:53am On Feb 23, 2016

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by rushman003: 10:53am On Feb 23, 2016

Something i was discussing with my friend yesterday! He said dollar rise is a blessing in disguise to Nigerians and i made him understand we are not ready for that yet! Reason why BUBU said he will not devalue Naira because we will surely misuse the opportunity. Imagine everything in market has gone up even garri which one of the foreign tool that i don't know about did they use in making garri! Nigerians we are the architect of our own problem. BUBU should just try and reduce poverty by providing a conducive business environment and creating job opportunities, probably some of us will receive sense so that Nigeria will grow. #IStandWithBubu

2 Likes

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by Krismart(m): 10:54am On Feb 23, 2016

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

But if the naija prices are not high becos of increase in "dollars" what can someone do?

Over to you Ben

ThefakeStan

How can Nigeria produce when there is no electricity? Even petrol that Nigeria has is being imported

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by diportivo: 10:54am On Feb 23, 2016

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

So transportation cost has increased also?

Fuel sef don cost abi?

undecided

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by akinloluwao: 10:55am On Feb 23, 2016

Even car park has increased. I wanted to park somewhere on Saturday and ibwas told that parking is now 700 again 500, I asked why, they said because dollar has increased. I was like, whatbis going on here. I wonder If they are hiring expatriates as their attendants. I raise my yansh for naija people

1 Like

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by Nobody: 10:56am On Feb 23, 2016

lifestyle1:
Still, Nigeria will be great again.

Was Nigeria ever great?

2 Likes

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by nairalandbuzz(m): 10:56am On Feb 23, 2016

Even meruwa (Aboki that sells water) will tell you same thing in Lagos..

1 Like

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by MrCork: 10:56am On Feb 23, 2016

GurlFriend:
A blog reader sent us this mail and picture

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

...you went to enegu to by red oil....bro but don't you people have super market there in that nigeria place? undecided

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by nani212(m): 10:57am On Feb 23, 2016

Evathyst:
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#

Chai! Diaris God ooo

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by munas: 10:57am On Feb 23, 2016

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

I think you are the BIG GOAT here because i did not see anywhere the cost of transportation increased

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by orelove4liff: 10:58am On Feb 23, 2016

I don't want to believe that this really happened.[/quote]ur common sense is still very much intact

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by UrbanMystique: 10:58am On Feb 23, 2016

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

really? So the price of petrol that she is using to transport her goods has also increased? Bros, use your brain na.

1 Like

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by 41lady(m): 10:59am On Feb 23, 2016

This is what economists called Multiplier effect.Check the trend;
Natural Resources (Crude oil, plants, animalsl e.t.c)----------DOLLAR---Transportation-------Humans/Goods------ Market---------Supply---------Demand--------- Consumption----- waste----------Recycle---------Environment-----------Natural Resources.

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by ENRYDVYNEENT: 11:00am On Feb 23, 2016

What if the mama has Children overseas she need to cater for? She needs to convert her proceeds to foreign currency to send to her beneficiary... She definitely cannot bear the brunt for the Naira situation! Same goes to the pure water dealers and every business and even the one who has stock or service before the present hike.

3 Likes 1 Share

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by ubah84(m): 11:00am On Feb 23, 2016

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

pls use ur brain. transport fair did not increase people are just greedy especially d other side of d Niger

1 Like

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by UrbanMystique: 11:00am On Feb 23, 2016

Keystonn:
Op hope you're not trying to paint igbos as greedy people ?

Why didn't the check the price of palm oil in Osun state or Ekiti?

there goes the tribal maggot again.. Did he tell you that its only happening in Igbo land.. You have problem o.

4 Likes

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by Bevista: 11:00am On Feb 23, 2016

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

But if the naija prices are not high becos of increase in "dollars" what can someone do?

Over to you Ben

ThefakeStan

As more and more people continue to buy #MadeInNaija, the demand pressure on imports will reduce and the Naira will strengthen. This will make other items that increased in price because of weak Naira to reduce in price because of the now strong Naira.

2 Likes

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by akanbiaa(m): 11:02am On Feb 23, 2016

EnterPRO:
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?

The chemical used to write name on the nylon is imported and some chemical used to process the nylon also and its very expensive, the average price of roll per kg before was around 460 to 500Naira now its 960 to 1000 in Abuja, the packing bag has also increased with about 60%. Even people that come from suleja to dump cheap(not too safe) water in abuja have changed their price.

1 Like

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by Nobody: 11:02am On Feb 23, 2016

Bevista:
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.
---
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 might need to buy Sardine which has increased from N150 - N200, or replace her phone which has increased from N20k - N30k, or buy her son a laptop which has increased from N70k - N120k.
---
A high exchange rate fuels (imported) inflation. Should the CBN officially devalues the Naira and fuel price increase, then the inflation will become official. Everything in the market will respond instantaneously with price increase.

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by 989900: 11:03am On Feb 23, 2016

While the increases might be over-the-top, you can't contain the natural ripple effect.

The fish seller is gon' want to buy some imported equipment, an imported phone, imported vehicle, imported power generator, probably go to conferences or the like outside the country; same goes for your landlord.

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by sarutobie(m): 11:03am On Feb 23, 2016

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

Classic! Blame the cobbler on the road..blame the barber on the streets for trying to get his monies worth and feed his family.. But not the agbada wearing men in abuja and aso rock who have been perennial opportunist since 1960..

2 Likes

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by scachy(m): 11:03am On Feb 23, 2016

Calling them greedy is an asinine!!

The same way sellers of the commodities added money to their products n services is the same way they spend extra money on other products n services that they can't afford.
All things been equal, there's inflation in the country. Thus,prizes of goods n services had to increase n it's important that Govt. Should v upward review of minimum wage if the status quo continues.

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by grandx88: 11:03am On Feb 23, 2016

I have no blames for the woman, neither do I have for any other person that indulges.... We do not leave in Isolation. Over 60% of the goods in the market are imported and if the woman will still buy other items she needs from the proceeds of her sales then you see that she'll be the most cheated if she doesn't increase her prices. She doesn't eat and wear only palm oil. I am not an expert in economics and don't know much about what influences pricing but I sure know that in this country and everywhere else where people largely depend on imported goods, the value of currency will affect prices of goods and even services locally made or imported. My Opinion though.

2 Likes

Re: Greedy Nigerians Cashing In On The Rising Dollar Exchange Rate by tejpot(m): 11:04am On Feb 23, 2016

Bevista:
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.
---
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 might need to buy Sardine which has increased from N150 - N200, or replace her phone which has increased from N20k - N30k, or buy her son a laptop which has increased from N70k - N120k.
---
A high exchange rate fuels (imported) inflation. Should the CBN officially devalues the Naira and fuel price increase, then the inflation will become official. Everything in the market will respond instantaneously with price increase.

Then we should expect increase in salary from all employers

1 Like

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