All the blame was put on dollar rise. Now that the same dollar is crashing, why prices of goods not also crashing?

I bought a bottle of coca-cola (coke) for N550 today, as against last week that was N500.

What is going in this country?

Let us see if its sustainable first, do you want me to reduce prices today and when the dollar returns to #1,900 then I will rush and raise prices again?

We the producers are not as inconsistent as your FG.

Your own na small. I bought a bottle of Fanta yesterday at N3800. Today, I bought same bottle of Fanta at N7400. Na game of who lie Pass.

Well, we aren't earning enough dollars and your government is not doing much about it except to paint the pig that is our bad economy white and pretend it's a 🦄 unicorn

You all need to state how many litres in this your bottles so we can compare like for like.

It's greed . Nothing else.

Breatheon:
All the blame was put on dollar rise. Now that the same dollar is crashing, why prices of goods not also crashing?

I bought a bottle of coca-cola (coke) for N550 today, as against last week that was N500.

What is going in this country?

if you bought goods when dollar is 1400
and dollar suddenly crash to 500
you expect price to also crash
dey play

IT WILL TAKE UPTO 9 WK

Breatheon:
All the blame was put on dollar rise. Now that the same dollar is crashing, why prices of goods not also crashing?

I bought a bottle of coca-cola (coke) for N550 today, as against last week that was N500.

What is going in this country?

It's called the theory of sticky prices in Economics

I wonder ooo

Richtaiwo:
Your own na small. I bought a bottle of Fanta yesterday at N3800. Today, I bought same bottle of Fanta at N7400. Na game of who lie Pass.

You really think I lied?

nairalanda1:
Well, we aren't earning enough dollars and your government is not doing much about it except to paint the pig that is our bad economy white and pretend it's a 🦄 unicorn

What's Botswana and Guinea producing? Why's their currency not falling like the naira did?

There’s a broad range of people on Nairaland.

By their posts ye shall know them.

Breatheon:


You really think I lied?

Paraman:
What's Botswana and Guinea producing? Why's their currency not falling like the naira did?

People refuse to understand that trust is integral part of sustainable growth and economic development. Naira lost the trust of Nigerians and it will take a while to restore the credibility.

The money I have in my dollar account was bought at the rate of N768 per dollar.

Naija 4 u

nairalanda1:
Well, we aren't earning enough dollars and your government is not doing much about it except to paint the pig that is our bad economy white and pretend it's a 🦄 unicorn

from what I understand, manufacturers have produced and have warehouses filled up but buyers are not forthcoming. The dollar is also going for lesser than it used to four five weeks ago. Those factors may not be enough to crash prices of import dependent manufactured goods.
What I find strange is food prices not going down relative with dollar-naira. Harvest of since last year were inflated almost immediately because international prices have shifted with weakening of Naira but why aren't they doing a reverse shift with dollar rates now?

Paraman:
What's Botswana and Guinea producing? Why's their currency not falling like the naira did?

They may not produce much but importing less relative to the export is the key here. We are giants of Africa, yet a poverty capital.

Greed is going on.

GodHimself:
There’s a broad range of people on Nairaland.

By their posts ye shall know them.

💯

Breatheon:
All the blame was put on dollar rise. Now that the same dollar is crashing, why prices of goods not also crashing?

I bought a bottle of coca-cola (coke) for N550 today, as against last week that was N500.

What is going in this country?

How exactly is dollar crashing?

Custom duty has not step down.

Verbtips:
if you bought goods when dollar is 1400
and dollar suddenly crash to 500
you expect price to also crash
dey play

IT WILL TAKE UPTO 9 WK

But same good u bought when dollaes was 500 u immediately increased the price when dollar rose to 1900 abi? Dey play

CodeTemplar:
They may not produce much but importing less relative to the export is the key here. We are giants of Africa, yet a poverty capital.

We exported more than what we imported last year.

Can you imagine we Nigerians, we are really unbelievable. Yes, when dollar increased it didn't take 24hours before people started adding price, now Dollar reduced the prices of things haven't reduced an inch. Later una go dey shout Tinubu.

Since I was born, I have never seen when the price of a commodity reduced after increased, not even pure water 💦

I thought ibos won't complain? You celebrated by mocking others when the prices was going up and now you want it down?

anyilalaz:
Custom duty has not step down.

Exactly!

The custom duty is now equivalent to the exchange rate.

That's why things are expensive

Before, it used to be 500-900

OGwales:
Can you imagine we Nigerians, we are really unbelievable. Yes, when dollar increased it didn't take 24hours before people started adding price, now Dollar reduced the prices of things haven't reduced an inch. Later una go dey shout Tinubu.

Since I was born, I have never seen when the price of a commodity reduced after increased, not even pure water 💦

Thank you

Nigerians are savagely greedy

They sell old stock at the new rates in the market because of the very stupid argument that they need to restock when they are done selling

In actual fact, they cash out and don't really restock as much as they used to because the demand will definitely drop as the market reacts.

Freshyo used to be #400 but yesterday they told me the new price is #600. I thought it was a joke. I went to the second shop and they told me the price is #700 while it's #600 at the third shop.

Something is not adding up

E tire me

So it is now trust n not what we produce again.

I laugh when the multitude of obidient Ipob on NL comment, I laugh because each n everything you say is predetermined in bigotry hate n outright foolishness. Your comment below is a typical example.

MadamExcellency:


People refuse to understand that trust is integral part of sustainable growth and economic development. Naira lost the trust of Nigerians and it will take a while to restore the credibility.

The money I have in my dollar account was bought at the rate of N768 per dollar.

pquaver:


But same good u bought when dollaes was 500 u immediately increased the price when dollar rose to 1900 abi? Dey play

as a bizness man will you like to put your self at disadvantage

Goods that were bought when the Naira was N1900 to a dollar

Very true, OP.👍

Prices of foodstuffs and Household still remain the same.

Hungry Man size Indomie is N900!

Only N100 reduction from the N1000 prize.

Tinibu no Try at all. 😕