Yehman:

That's crazy and one way thinking. How good is your economics? Oga/madam, the hyper-inflation is now having a snow ball effect on every other items. So u don't know that the old woman also have her own needs to meet up with. If she doesn't increase the price of her palm oil, where will she get money to top up her expenditures on imported goods.

my economy is good enough to see a reap off.
Plus, that is also one way of thinking for you too.

Going by your logic, every countries of the world incincluding great america still depend heavily on imports from China or other countries for goods and raw materials they cannot produce locally, e.g oyel, technology food etc. How come those things are not affecting locally made goods in their country?
Eg, whenever the price of oil goes up in the world, you don't hear america or European countries doubling the price of commodities because transportation which is very crucial to any economy would also increase tremendously.

By way, I don't know that boli ati epa seller or the pure water makers change their cars or phone or buy those things for their children everyday that they feel everyone else should bear the brunt.

I don't blame them sha, I blame the fact that there is no proper regulatory that put these people on check.

dguizman:
lol...you never can tell.

dollar is universal ..that's what buhari and his team are forgetting ....they have to fix this issue as soon as possible

when it comes to business., most Nigerians are very wicked... I have said it before and I will repest it another time...



tomorrow u will see them dancing in Church and Mosque praising God....nonsense

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#

Clown

UrbanMystique:
my economy is good enough to see a reap off.
Plus, that is also one way of thinking for you too.

Going by your logic, every countries of the world incincluding great america still depend heavily on imports from China or other countries for goods and raw materials they cannot produce locally, e.g oyel, technology food etc. How come those things are not affecting locally made goods in their country?
Eg, whenever the price of oil goes up in the world, you don't hear america or European countries doubling the price of commodities because transportation which is very crucial to any economy would also increase tremendously.

By way, I don't know that boli ati epa seller or the pure water makers change their cars or phone or buy those things for their children everyday that they feel everyone else should bear the brunt.

I don't blame them sha, I blame the fact that there is no proper regulatory that put these people on check.

U dey craze! No wonder u reason through your anus. Besides, How could u bring America (great America; if I should cite u verbatim) into a matter like this? African man, feeling inferior since 16BC. Every slightest thing; America this...Europe that...bla bla bla. If u must quote me again let it not be a poo like this pls. #BuyNaijaToGrowTheNaira.

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 (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.
---
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.
---
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!

word!

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 (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.
---
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.
---
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!

word!!

Yehman:


U dey craze! No wonder u reason through your anus. Besides, How could u bring America (great America; if I should cite u verbatim) into a matter like this? African man, feeling inferior since 16BC. Every slightest thing; America this...Europe that...bla bla bla. If u must quote me again let it not be a poo like this pls. #BuyNaijaToGrowTheNaira.

I gave good examples if how economics work cos you seem to follow the crowd like a zombie. You came back and post this load of garbage from empty skull of yours, and you think I'm crazy.. Damn, we need child lock on nairaland. Dumb kids everywhere.

PLANETMARS:
that's why it's my point asshole

noted... Indomie generations

This market sellers don start to lie on top dollar. So na dollar dem dey use manufacture palm oil, even hunters sef don start their own. Grass cutter of 1000 don turn 2500 if u ask say why e cost dem go say dollar don rise. Pls can someone tell me wetin dem dey use kill bush meat. Shey na dollar ni.

When they sell their palm oil and fish at the normal rate, which money will they use to buy the goods affected by the dollar increase.

Think!!

GurlFriend:
A blog reader sent us this mail and picture





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

The Naira is currently pegged to the Dollar at 199.05 NGN, Official / International rate, that is to say nothing has changed for the past 1 or 2 years concerning the exchange rate, why then will petty traders as well as wholesale and retailers claim to have an increase in commodity rate due to the USD? The CBN instructs the banks to sell USD at the official rate (199) to importers ( Genuine importers) , so what exchange rate increase are we talking about? There is a big difference between the Official rate and Black market rate, the black market rate which is a about 345 NGN has nothing to do with the economy.
Now every tom , dick and harry, with little or absolutely no education now claim to know economics. Thing is, the woman selling tomatoes or whatever at a high price for no reason, will end up buying other things at high rate also due to the widespread of greed across the nation like wildfire.

Fool

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

Lordsaggy:
Fool

EMPTY!

Lordsaggy:
Fool

EMPTY!

afroniger:
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.

What you said may sound humorous but some countries have adopted the US dollar for monetary stability and it worked: Ecuador in 2000 or so and Zimbabwe around 2008.

This has led to monetary stability and there is no need to have a large foriegn reserve since international trade is priced in dollars

grandstar:


What you said may sound humorous but some countries have adopted the US dollar for monetary stability and it worked: Ecuador in 2000 or so and Zimbabwe around 2008.

This has led to monetary stability and there is no need to have a large foriegn reserve since international trade is priced in dollars

The problem with dollarization (or adopting another strong currency like the Euro) is that it can encourage bubbles while the times are good, and once conditions turn bad the only way for uncompetitive countries to adjust is by drastically cutting government spending, hiking domestic interest rates sharply (to try to prevent an outflow of dollars), suffering deep recessions, and undergoing huge rises in unemployment; with one's own currency, a devaluation would have avoided the need for such a severe contraction. This is what pushed Britain out of the ERM back in 1991, and is exactly what happened recently to the PIGS (Portugal, Ireland, Greece and Spain) in Europe, and even to an otherwise well-run country like Finland: they are all hooked to a monetary policy that caters mostly for Germany, without having German levels of productivity growth.

omohayek:


The problem with dollarization (or adopting another strong currency like the Euro) is that it can encourage bubbles while the times are good, and once conditions turn bad the only way for uncompetitive countries to adjust is by drastically cutting government spending, hiking domestic interest rates sharply (to try to prevent an outflow of dollars), suffering deep recessions, and undergoing huge rises in unemployment; with one's own currency, a devaluation would have avoided the need for such a severe contraction. This is what pushed Britain out of the ERM back in 1991, and is exactly what happened recently to the PIGS (Portugal, Ireland, Greece and Spain) in Europe, and even to an otherwise well-run country like Finland: they are all hooked to a monetary policy that caters mostly for Germany, without having German levels of productivity growth.

I agree with you that the Euro was 100% designed for Germany. Those who hitched an easy ride on it initially were left battered.

True,there are huge dangers adopting another country's currency.

Going by what some people said here, if the school fees of Dangote's children increase by 75% Dangote should also increase the price of his cement in order to meet up with the increase in his children's school fee.

Dangote is also human being and uses money to purchase his necessities and luxuries.

Government can as well increase the tax paid by workers, they need money to meet up with the increase in prices of what they use in running governance.
Ehn Yehman, Creamish, olamide452, and Symphony1
Abeg joseph1832, yorex2011 UrbanMystique, EnterPRO and udysweet help me ask them.

folahann:
Going by what some people said here, if the school fees of Dangote's children increase by 75% Dangote should also increase the price of his cement in order to meet up with the increase in his children's school fee.

Dangote is also human being and uses money to purchase his necessities and luxuries.

Government can as well increase the tax paid by workers, they need money to meet up with the increase in prices of what they use in running governance.
Ehn Yehman, Creamish, olamide452, and Symphony1
Abeg joseph1832, yorex2011 UrbanMystique, EnterPRO and udysweet help me ask them.

abi o.. Some people just supporting plain reap off in the name of I don't know what.

God will see us through in Jesus name

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?

yes u are importing it too. Indirectly anyway. The nylon used for water packaging and the ink and ipa used to print on it too are also all imported and the prices have been unstable since the flaunctuation in dollar price. Even dos that produced nylon locally also had to import the hdpe eleme use for nylon production. So into we encourage young nigerians to look into this sector and start manufacturing this things locally so we dont need to import again. Tnk u