bukatyne:


True

But when he heard that it is now N800, why didn't he reduce the price to N950?

Why is he bent on selling at N1,550 because he wants the naira gain to 'stabilize'? Why doesn't he display the same quick believe when things were getting worse now they are getting better?

I am not disputing your economics; I am saying that almost everyone consciously or unconsciously plays the game to favour them.

The only way that price of commodities would be fair to both buyers and sellers is when the government price control system is up and doing.

sofeo:
Alright.
We are waiting.

... waiting for what..if the price of fuel and disel does not come down the price of foodstuffs will still be expensive in the market...it's the high costs of transporting this foodstuffs and goods to the market that is causing the high costs of food stuffs and goods in the market

efemena5050:
Am an economist...forget the controversial forces of the invisible hands ....now bro wat if the company now downsize prices and cost of her productions......is the seller or trader not expected to follow suit by downsizing his price ....since his/her .....MC =MR .....P=Mr=mc ........ Nigerians are wicked or religious and moral idiots that why with everyone thing in our country we r still struggling....from our leaders to our people....

When the company downsizes it's price of produce, it doesn't automatically reach the market until trader finishes selling old stock and new stock enters the market

immortalcrown:
Rational people know this. Sentimental and or ignorant people are the ones nagging.

If you are rational and not selfish, you don't have to be a trader to understand that it is unfair to ask traders to reduce prices now.

Only nonprofit organizations quickly adjust sale prices according to cost prices because they are not in the business to make profit. But they also adjust the prices in a way that will prevent the organizations from going bankrupt.

Even NNPC has not reduced fuel price that is directly dependent on Dollar rate. This is because fuel imported or distributed at the old rate will be sold based on the old rate. This is a simple logic.

Retailers that have old stock sell with the rate that will enable them buy more from wholesalers who imported at high rate.

Also, retailers and importers who bought items after the fall of Dollar rate need to sell with the existing high prices because there is no guarantee that the current Dollar rate will either be stable or go lower.

The Dollar rate has to either remain stable or continually fall for many months before it becomes wise for traders to reduce prices. Traders may reduce prices now and Naira will fall to 3k per dollar next two months, making it difficult for the traders to raise capital by then.

Illustrations:
1.
Old and cheaper stock. You bought 10 bags at the cost of ₦3,000 (₦300 per bag). You plan to sell each bag ₦400 to make the gross profit of ₦100 per bag. The cost price later increased to ₦500 per bag and you have sold only 5 bags. 400x5=2,000 (₦2,000). With the new cost price of ₦500 per bag, one bag is now sold for ₦600. But you continued to sell the remaining 5 bags at the rate of ₦400 per bag because they are old stock. After selling the 10 bags, you got ₦4,000.

Someone that does not understand business will say you have ₦1,000 as your profit (4,000-3,000=1,000) because you bought the bags ₦3,000. The ₦1,000 is even a gross profit here, not net profit. But they don't understand that one.

But did you actually make any profit? Let's check it. Since the new cost price is ₦500 per bag, you need ₦5,000 (500x10) to restock your shop. But you realised only ₦4,000 from your previous sales. This means you didn't make any profit and the money is not even enough to replace the sold bags. I am not even talking about the rent and utility bills you paid while selling the 10 bags Na to go village be that.

2.
When you buy at high rate and the rate falls while you have not sold out the stock: You got 10 bags at the cost of ₦5,000 (₦500 per bag) and plan to sell each bag ₦600. You sold 5 bags and got ₦3,000 (600x5) before the cost price fell from ₦500 to ₦300 per bag. You reduced your sale price from ₦600 to ₦400 to please your customers. You got ₦2,000 (400x5) from selling the remaining 5 bags. This means you made the total of ₦5,000 from selling the 10 bags.

Did you make any profit? No, because you paid ₦5,000 for the bags. Did you incur any loss? Yes because you paid rent, security and other utility bills when selling the 10 bags.

Una be thieves... Product una sell at 1900/$ kept increasing in price after dollar started depreciating... Wickedness ... Dollar dropped going up but prices keep going up , na Ghost the raise the dollar again?

Fearyourcreator:

Una be thieves... Product una sell at 1900/$ kept increasing in price after dollar started depreciating... Wickedness ... Dollar dropped going up but prices keep going up , na Ghost the raise the dollar again?

If you are not the thief, point out any incorrectness or falsehood in my comment.

oloriooko:
But food prices rose immediately naira depreciated

u dey mind d rationalist up there.
Let FX go up again and see prices double up. As if no be lower price dey stocked before high FX rate

immortalcrown:
If you are not the thief, point out any incorrectness or falsehood in my comment.

Open your eye

jmoore:

A business that is buying petrol at 165 naira per iitre and another that is buying petrol at 650 naira should have same selling price? You are the author of dust here.
People like you that have never run any business will open mouth waaa.

U didn't understand me what am saying in essence is that petrol is cheap during past regime before Tinubu because there is subsidy and we can't be in debt to be paying subsidy for life 😢

When will Nigeria because America 🤔
So d remove caused all u are talking Abt and with time things will still fall in place but not at 165 naira again

Fearyourcreator:

Open your eye

Open your eyes, your ears and your mind.

Things doesn't go down in Nigeria. Before u know it, price of dollars would go up again

How would price go down when we have incompetent people in positions. Nigeria prices is not really controlled by USD, looking through Nigeria history would tell us that, what really affects prices in Nigeria is fuel prices, so we don't expect a reduction in price when fuel prices are still high. Also, another major factor is GREED and WICKEDNESS of some Nigerians, they can increase price quickly when dollar increases but would not reduce when its depreciates....they claim everything is based on the price of dollar, even garri in our backyard......

Vinnie2000:
Prices will never come down again.

By the expected time, Manufacturers, Wholesalers and Retailers will be too Unwilling to bring down the prices of their items.

Tinibu should be BLAMED for putting Nigerians through Pains
With his Useless policy of Fuel Subsidy Removal.😏😕

That Terrible Action set the Motion for most Traders to become Greedy or too Money Concious. 🙁

Oga LP is already in disarray. Obi can even manage a party , he wants to.manage Nigeria. Yeye dey smell.

Paraman:


https://punchng.com/food-prices-wont-drop-immediately-despite-naira-appreciation-economists/?utm_source=telegram&utm_medium=social

Story... Just bring down Fuel price ..

Open Borders wider.. like pregnant woman due for delivery...

Not every seller ...stock up during dollar rising against the Naira ..

Many seller are selling to Nigerians with Old stock since September 2023 .. having excessive gains..

Last year February 2023... We brought Naira with Naira...

Today is another story..

We pray for a better tomorrow...



And see as Food and commodities go surplus and eventually prices go reduce..

Price will not come down to the levels they were before Tinubu damaged the economy.
Stop gaslighting yourself with epistles

immortalcrown:
Rational people know this. Sentimental and or ignorant people are the ones nagging.

If you are rational and not selfish, you don't have to be a trader to understand that it is unfair to ask traders to reduce prices now.

Only nonprofit organizations quickly adjust sale prices according to cost prices because they are not in the business to make profit. But they also adjust the prices in a way that will prevent the organizations from going bankrupt.

Even NNPC has not reduced fuel price that is directly dependent on Dollar rate. This is because fuel imported or distributed at the old rate will be sold based on the old rate. This is a simple logic.

Retailers that have old stock sell with the rate that will enable them buy more from wholesalers who imported at high rate.

Also, retailers and importers who bought items after the fall of Dollar rate need to sell with the existing high prices because there is no guarantee that the current Dollar rate will either be stable or go lower.

The Dollar rate has to either remain stable or continually fall for many months before it becomes wise for traders to reduce prices. Traders may reduce prices now and Naira will fall to 3k per dollar next two months, making it difficult for the traders to raise capital by then.

Illustrations:
1.
Old and cheaper stock. You bought 10 bags at the cost of ₦3,000 (₦300 per bag). You plan to sell each bag ₦400 to make the gross profit of ₦100 per bag. The cost price later increased to ₦500 per bag and you have sold only 5 bags. 400x5=2,000 (₦2,000). With the new cost price of ₦500 per bag, one bag is now sold for ₦600. But you continued to sell the remaining 5 bags at the rate of ₦400 per bag because they are old stock. After selling the 10 bags, you got ₦4,000.

Someone that does not understand business will say you have ₦1,000 as your profit (4,000-3,000=1,000) because you bought the bags ₦3,000. The ₦1,000 is even a gross profit here, not net profit. But they don't understand that one.

But did you actually make any profit? Let's check it. Since the new cost price is ₦500 per bag, you need ₦5,000 (500x10) to restock your shop. But you realised only ₦4,000 from your previous sales. This means you didn't make any profit and the money is not even enough to replace the sold bags. I am not even talking about the rent and utility bills you paid while selling the 10 bags Na to go village be that.

2.
When you buy at high rate and the rate falls while you have not sold out the stock: You got 10 bags at the cost of ₦5,000 (₦500 per bag) and plan to sell each bag ₦600. You sold 5 bags and got ₦3,000 (600x5) before the cost price fell from ₦500 to ₦300 per bag. You reduced your sale price from ₦600 to ₦400 to please your customers. You got ₦2,000 (400x5) from selling the remaining 5 bags. This means you made the total of ₦5,000 from selling the 10 bags.

Did you make any profit? No, because you paid ₦5,000 for the bags. Did you incur any loss? Yes because you paid rent, security and other utility bills when selling the 10 bags.

Farming in Nigeria is the biggest risk to take
Immediately kidnappers realize many take to farming be rest assured big biz don come for them be that
I will not advise anyone to try out farming except it at your backyard

iLegendd:
And rose even more when Naira appreciated. The day Naira was 1900/$, I bought a custard of garri for 2100 each. Yesterday, it was 2200-2500.

This is bad, but if you look at it critically, it's a secret encouragement for people to go into farming so they can make a killing from city boys and girls who hate agriculture.

oloriooko:
Farming in Nigeria is the biggest risk to take
Immediately kidnappers realize many take to farming be rest assured big biz don come for them be that
I will not advise anyone to try out farming except it at your backyard

This advice is probably for people in the Northern part of Nigeria. In the Southern part, we farm freely and there is no much issues.

Rubbish,I don't believe that is the old stock they bought

fitinwell:


Story... Just bring down Fuel price ..

Open Borders wider.. like pregnant woman due for delivery...

Not every seller ...stock up during dollar rising against the Naira ..

Many seller are selling to Nigerians with Old stock since September 2023 .. having excessive gains..

Last year February 2023... We brought Naira with Naira...

Today is another story..

We pray for a better tomorrow...



And see as Food and commodities go surplus and eventually prices go reduce..

You're talking about the seller, what of the manufacturers? If the manufacturers don't reduce price, nothing the sellers can do.

Today market Price
Call or whatsapp 08112658211
sundryagro.com
Groundnut oil- 62,000
Palmoil-------67,000
Crayfish=== 80,000
*White Maize=50,000
*Yellow Maize=61,000
*New Maize =45,000
*Local Rice=68,000(50kg)
*Popcorn=53,000
*Maize Flour=80,000
*White Rice=70,000
*Iron Brown beans=75,000
*Iron Beans=76,000
*Drum Beans=78,000
*Potasco=76,000
*Oloka=90,000
*Soya Beans=71,000
*Akara Beans=72,000
*Kidney beans=₦6,000
*Red Beans=6*000
*Wheat =45,000
*Oloyin old=59,000
*Oloyin New=65,000
*Sorgum=43,000
*Red Sorgum=50,000
*Yellow Sorghum"Kaura"=54,000
*Millet=45,000
*Finger Millet (Tamba)=70,000
*Acha"Fonio" =69,000
*Sesame=80,000
*Tiger Nut'small seed'= 50,000
*Tigernut Big Seeds=69,000
*Date=83,000
*Zobo =55,000
*Bambara Nut= 89,000
*Groundnut=98,000(34 painter)
*Onion =51,000
*Dried Split Ginger=40,000
*Fresh Ginger=43,000
*Garlic =16,000
*Dry Peas=15000
*Egusi=189,000(34 Painter)
egg crate---3000 naira
big egg crate-----3900
YAM BIG TUBER EACH 2500

All Grains are bagged 100kg
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii