Bobo419:
This is CBN pegging the dollar like they did before. I have no problem with that. What I do have problem with is the banks. The new policy says they should only sell Forex to parents who want to pay school fees abroad, BTAs and PTAs. However, watch shady bank managers selling the Forex to the Bureau de change operators who would bribe them.

All in all, this is a welcome development.

We Wait to see the impact of this on the parallel market. If the dollar should fall massively on the parallel market, that's when we'll feel the impact on the Maggi, tomatoes and general goods that are currently expensive.

Please note that the parallel market, at the moment, gives a true reflection of the naira value as against the dollar in Nigeria.

We still have a long way to go.

I use to share the same view until i started seeing 20 naira difference between buy and sell whereas before it was less than 5 naira. BDCs have started price fixing.

Why CBN just dey dish out diz kind "bad news" everyday na...he be like say una wan make some people get heart attack oo. Wailers how market na?

Livebygrace:
Yet till now no effect has been made on goods in the market. People that were quick to skyrocket prices due to dollar hike are now sluggish to journey along with the dollar. An average Nigerian is a rogue.

I think it will come down. People have to sell the stock they bought at 500 per dollar. When they buy new goods at the new rate, the prices will be driven down. Even if they wanted to rip people off, competition from other sellers wont let them

you don't have to go the 360 naira
now it's time to go 180

Palmoil is imported ? Hope u know Wt u r saying
[b]
Palm Oyeeell [/b]ooooo

deathwing:
Palm oil is mostly imported. People who sell these thing also have to buy cars, clothes etc from people who have to import it with a high dollar. If they sell their garri cheaply, how will they be able to afford the new price of other things. Think.

Bobo419:
This is CBN pegging the dollar like they did before. I have no problem with that. What I do have problem with is the banks. The new policy says they should only sell Forex to parents who want to pay school fees abroad, BTAs and PTAs. However, watch shady bank managers selling the Forex to the Bureau de change operators who would bribe them.

All in all, this is a welcome development.

We Wait to see the impact of this on the parallel market. If the dollar should fall massively on the parallel market, that's when we'll feel the impact on the Maggi, tomatoes and general goods that are currently expensive.

Please note that the parallel market, at the moment, gives a true reflection of the naira value as against the dollar in Nigeria.

We still have a long way to go.

pls explain PARALLEL MARKET layman dey plenty for this threat o!!

Livebygrace:
Yet till now no effect has been made on goods in the market. People that were quick to skyrocket prices due to dollar hike are now sluggish to journey along with the dollar. An average Nigerian is a rogue.

There's a time lag between when a policy is initiated and when the impact is transmitted and felt. Besides, much of the commodities in stock were purchased during the period of the high naira dollar rate. Sellers would have to sell off these goods first at prices which reflect their original cost before they can restock and sell at new prices that reflect the current exchange rate.

ajepako:
Very good and commendable if true...

But how come garri has skyrocketed to N900 and bag of rice and essential food stuffs never come down?

Shebi na dollar dem dey lie against?

Ayam not understand oh..

humm, u said 900 for garri, I bought 1k yesterday in Owerri.

okay na market women and business men
dollar is now 360 pls take note and make the price's of good to b fair and cheap for all Nigerian because d federal government will soon be sending monitoring to check on you guys so be warn

one love to naija

Livebygrace:
Yet till now no effect has been made on goods in the market. People that were quick to skyrocket prices due to dollar hike are now sluggish to journey along with the dollar. An average Nigerian is a rogue.

I said it dat Nigerians are wicked....we can now see it in reality

Livebygrace:
Yet till now no effect has been made on goods in the market. People that were quick to skyrocket prices due to dollar hike are now sluggish to journey along with the dollar. An average Nigerian is a rogue.

U should also know that some people are yet to sell-off their old stock which they bought at exorbitant prices when the dollar rate was high. I think we should be patient a little coz these people are business people and need to make their profit at the price they bought. I also agree with u that some people will capitalize on the opportunity and still sell at outrageous prices even though they have started buying their goods at cheaper rates.

Deeldorado:

There's a time lag between when a policy is initiated and when the impact is transmitted and felt. Besides, much of the commodities in stock were purchased during the period of the high naira dollar rate. Sellers would have to sell off these goods first at prices which reflect their original cost before they can restock and sell at new prices that reflect the current exchange rate.

u are a big liar...u must be one of them.....

we all know this...before increase in petrol., what happen.? hoarding....them dey sell d old fuel for new price.


I will keep saying it...Nigerians are wicked simple

Dripy:
Very good news. Now let the price of red oil, rice, garri, vegetable oil, canned tomatoes, sachet water, toilet roll, fuel and transport fare come down.

The Nigerian populace has really suffered hardship and hyper inflation; shame on all those fake prophets who speak when God has not spoken.

God bless Nigeria and grant more wisdom to our leaders to make Nigeria great again.

Anybody wey this good news no sweet should migrate to rivers Niger or Benue

U will ave to wait for at least 2 mnths if by then the new value of naira is still the same because u won't expect a manufacturer who bought raw material at 500/1$ to sell at lost because the dollar is falling

Firefire:
WOW!!!!!!! Buhary is working...


Going at this rate, am optimistic that one of Buhary's campaign promises of making ONE NAIRA = ONE USD is achievable.

You mockery na Grade 1.

Opinedecandid:


You mockery na Grade 1.

gonkin:
If it comes down to 250, flight tickets would cost less and jumia/konga will come back to life. Dating site fraudsters go start to cry

Ahahaha

Firefire:
WOW!!!!!!! Buhary is working...


Going at this rate, am optimistic that one of Buhary's campaign promises of making ONE NAIRA = ONE USD is achievable.

Dream on dreamer. It aint over yet bruv - Not until it is over!

Seeing is believing.

So what will happen if the dollar futher slides down below the 360 naira being offered now!

Fourwinds:
u are a big liar...u must be one of them.....

we all know this...before increase in petrol., what happen.? hoarding....them dey sell d old fuel for new price.


I will keep saying it...Nigerians are wicked simple

Why call him a.liar ?
If you buy cement from Dangote at 3000 and dollars come down are you going to reduce your price to 2500 ? ?or dale at current price amd sell off your old stock by new stock and sell at 2500 ?
We should try and understand issues before jumping into conclusion .

mathew2oa:

U will ave to wait for at least 2 mnths if by then the new value of naira is still the same because u won't expect a manufacturer who bought raw material at 500/1$ to sell at lost because the dollar is falling

Nahh 1 year bro

erico2k2:

Why call him a.liar ?
If you buy cement from Dangote at 3000 and dollars come down are you going to reduce your price to 2500 ? ?or dale at current price amd sell off your old stock by new stock and sell at 2500 ?
We should try and understand issues before jumping into conclusion .

I'm telling u before d increase a lot of people had d old stocks but dey were happy to hear d rise in dollar to naira and sold it immediately at new price...what do u say to dat.? we know fuel has always been an example before now.....I repeat Nigerians are wicked

Livebygrace:
Yet till now no effect has been made on goods in the market. People that were quick to skyrocket prices due to dollar hike are now sluggish to journey along with the dollar. An average Nigerian is a rogue.

You should not expect a sudden slash in prices.
Those business men and women bought their goods when the exchange rate was close to 500N/Dollar.
If they bring prices down immediately, can you imagine the loss?

Adesiji77:


This is real. Banks have been advised and most branches are already modifying their rate indicators because CBN is expected to sanction non-compliance.

True. I was at a branch of ECOBANK today and I saw when a staff brought down the exchange rate notice board. She adjusted the figures and hung the board back. The exchange rate for dollar is now N360 to a dollar!

Fourwinds:
I'm telling u before d increase a lot of people had d old stocks but dey were happy to hear d rise in dollar to naira and sold it immediately at new price...what do u say to dat.? we know fuel has always been an example before now.....I repeat Nigerians are wicked

You are missing the point.I am also an Importer so I can tell you how it goes.check thus.
I have a student table I sell . As old stock.is cost N10k 4 dollar went 500 . Now I ha e to I crease it to N15k cos of I crease in forex even though it's Old stock
Here is why
If I don't sell at current price I wo t be able to replace same item with new stock . .of I sell at old price 10k who is going to make up the difference to replace same stock with new product ?
Least we 4get the 5K difference is not profit but capital.it's same 2k I will make I'm still making but it will take me longer to sell as economy is tough .

murmee:
True. I was at a branch of ECOBANK today and I saw when a staff brought down the exchange rate notice board. She adjusted the figures and hung the board back. The exchange rate for dollar is now N360 to a dollar!

Bro what's the point ? Plz go back there tomorrow and ask to buy 100 dollars come back and tell is what happened after then.

Livebygrace:
Yet till now no effect has been made on goods in the market. People that were quick to skyrocket prices due to dollar hike are now sluggish to journey along with the dollar. An average Nigerian is a rogue.

Rogue is just apt.

An average Nigerian is also despicable. There are locally made items that have nothing to do with forex. An average Nigerian enjoys taking undue advantage and savouring the pains of fellow citizens. A day of reckoning will catch up with them soon.

Livebygrace:
Yet till now no effect has been made on goods in the market. People that were quick to skyrocket prices due to dollar hike are now sluggish to journey along with the dollar. An average Nigerian is a rogue.

as a people, we are very wicked to each other.

Koolking:


Rogue is just apt.

An average Nigerian is also despicable. There are locally made items that have nothing to do with forex. An average Nigerian enjoys taking undue advantage and savouring the pains of fellow citizens. A day of reckoning will catch up with them soon.

You are being ignorant.I do t mean to be rude but you are.Name these so called local goods and let us see how forex don't affect them in one way or the other .

Koolking:


Rogue is just apt.

An average Nigerian is also despicable. There are locally made items that have nothing to do with forex. An average Nigerian enjoys taking undue advantage and savouring the pains of fellow citizens. A day of reckoning will catch up with them soon.

when an Ibo woman told me dollar had increased thereby causing her to increase the price of ugu(vegetables) grown in her backyard was the day I gave up on us.

Caseless:
when an Ibo woman told me dollar had increased thereby causing her to increase the price of ugu(vegetables) grown in her backyard was the day I gave up on us.

Ahaha and U x pet mama put not to.increase a plate of ofe Oweri when a mama kalu increase the price of Ugu which she buys and use in preparing that soup

erico2k2:

You are missing the point.I am also an Importer so I can tell you how it goes.check thus.
I have a student table I sell . As old stock.is cost N10k 4 dollar went 500 . Now I ha e to I crease it to N15k cos of I crease in forex even though it's Old stock
Here is why
If I don't sell at current price I wo t be able to replace same item with new stock . .of I sell at old price 10k who is going to make up the difference to replace same stock with new product ?
Least we 4get the 5K difference is not profit but capital.it's same 2k I will make I'm still making but it will take me longer to sell as economy is tough .

u try...dat is d wickedness I'm talking about....now who pays d student or worker more to purchase d difference since u are now selling old stock for new price...

consumers suffers abi.?

Fourwinds:
u try...dat is d wickedness I'm talking about....now who pays d student or worker more to purchase d difference since u are now selling old stock for new price...

consumers suffers abi.?

Nobody pays .in an ideal world everyone increases thier goods and services . If you did Economics in school you would ja e heard of a word called inflation . ??
If the retailer do not increase his price the next option is to close down . Don't forget demand and supply . Less supply means higher price .