₦airaland Forum

OasisX:


.......when Dollar was ₦1900, a bag of rice is sold at ₦80k. Now that Dollar is less down ₦1000 at black market, I guess a bag of rice should be sold at ₦40k before first week of next Month.

OasisX:


.......when Dollar was ₦1900, a bag of rice is sold at ₦80k. Now that Dollar is less down ₦1000 at black market, I guess a bag of rice should be sold at ₦40k before first week of next Month.

Itsrm:
Dollar is less than 1000 in which black market?

joseph1832:
There's a title of a book by James Hadley Chase, "Believe That, You'll Believe Anything".

The dollar, Naira, Petrol, Diesel doesn't determine the price of goods in Nigeria, what determine the price, is the collective greed of Nigerians who sell this goods. Their greed is second to non.👌

Itsrm:
Dollar is less than 1000 in which black market?

Itsrm:
Dollar is less than 1000 in which black market?

OasisX:
.....its all over X. Ahmad Bashir, former Media Aide to PMB, also confirmed it.

GloriousGbola:
I sold dollar on friday for 1100.
guy first said 1000 or was it 1050

so it is possible imho

LordAdam16:
It's not yet there.
But if recent history is any indication, this pre-emptive propaganda means the CBN is about to peg the rate at 900/950.

-Lord

Itsrm:
Possibly. When it gets there, we will know. For now, it's propaganda

Itsrm:
Lol, propaganda

Someone I know desperately needed naira on Friday for some expenses. He reached out to Abokis. Because it was late Friday, Abokis refused to buy since they were not sure what will happen over the weekend due to the current volatility.

Eventually, he got one Aboki who said he will only buy below 1000 for his own safety. He was desperate and went for it. The aboki would have sold it today at more than 200 naira profit on a dollar.

Thing is, if you are desperate or not smart, Abokis will use your head.

Always ask how much the Abokis are selling. That is the true indication of the current price.

LordAdam16:
The propaganda was birthed here.
https://nairametrics.com/2024/04/15/naira-opens-shop-below-n1000-against-dollar-at-some-segments-of-black-market/
Zero substance.

-Lord

OasisX:


......its still a matter of time. ₦800 or ₦750 is the target.

OasisX:


.....I have read excuses upon excuses why prices can't be reduced now. Most are saying they got their consignments when Dollar was either ₦1,700 or ₦1,900, hence they can't sell at loss - Justifiable.

I mentioned first week of May, coz I expect them to have re-stocked with new rate, thus shouldn't be coming up with another silly excuse again.

FCCPC, DSS and EFCC may need to intervene if rubbish persists beyond first week of May.

raumdeuter:
See now. Na so these Pastors dey put themselves for position and play God

See the girl was actually telling the truth.

https://www.instagram.com/p/C5wpP1Go4jo/?igsh=emJuOGo0M2ZsbXAw

nihilistjnr:
Enenche actually said in the video that the degree for law is LLB.

The degree that she actually 'earned' was an LLB

The fact that she said Bsc on stage suggests that she earned the degree the dagbo way.

Why Food Prices Keep Increasing Despite Recent ‘Stable’ Forex - Daily Trust 14th March 2024

In recent weeks, efforts by the Central Bank of Nigeria to arrest the free fall of Naira have seen it appreciate marginally against foreign currencies especially the dollar, leading to relative stability in the forex market.

Despite this, prices of many essential commodities – especially locally-produced ones – have not dropped, against the expectation of many Nigerians who thought the food prices would drop as the naira gradually recovers.


Experts have observed that the marginal gain in naira against the greenback might not necessarily translate to reduction in the prices of imported goods considering that the Central Bank of Nigeria (CBN) on February 14, 2024 increased the exchange rate for computing Customs duties at the nation’s seaports by 2.6 per cent — the fifth increase this year

The rate was reviewed upward on from N1, 444.56/$ to N1,481.482/$, according to information obtained from the official trade portal of the Nigeria Customs Service.

This means importers will pay more to clear their goods as import duties are benchmarked against the dollar.

Mika’il Abubakar Garba (aka Bala Mai Kaji), the Chairman of Muda Lawan Market in Bauchi, argued that supply shortfall occasioned by border closure and other factors were responsible for the increase in food prices.

He said, “I don’t agree that merchants are hiding under the guise of dollar-naira issue to increase prices of goods. What I do know is that some merchants increase prices of their old stocks as soon as they learn of price increase from the companies they buy their goods. Their argument is that if they sell at the old price, they will not realize enough profit to restock.

“We can’t deny the fact that there are few merchants who buy and store products when they are cheap and sell when prices are high. But by and large, the issue is that, our domestic production in the country is not enough and yet the little that is produced is sometimes exported to other countries. Usually after harvest – when produce are available and cheaper – companies and other business moguls buy from farmers to either export it out of the country or store it for selling when the supply is less at the market and the prices are high.

“You see, when you have limited supply and high demand, prices will definitely go up. With the borders closed, it means there will be less or no competition to neutralise the price in the market and break the monopoly enjoyed by the few that wield power at the markets. I assure you that if there’s importation, the price will crash and remain relatively stable.”

Mai Kaji, however, advised the government to reopen land borders, allow importation and force companies to bring out their stored commodities to the market to meet the country’s demand.

“Government should just come out and help people by allowing importation. There’s no point in allowing exportation and then stopping importation when what we have in the country is not enough to meet our demand,” he added.

An economist and senior lecturer, Dr. Yahaya Yakubu, cited supply rigidity, structural problems and border closure as some of the factors, leading to less or no reduction in prices of goods and services even when naira is gradually appreciating at the global market.

He explained, “First of all, it is important to understand that the Nigerian economy is an import dependent economy in terms of manufacturing goods. If you have an import dependent economy, your economy is vulnerable to volatility of exchange rate, so whatever happens to the exchange rate, the economy will be affected whether positively or negatively.

“In a developing economy like Nigeria, we have what is called structural deficiency or supply rigidity in such a way that if there’s a break in supply of a particular commodity or if there’s a change in the cost of production of a particular commodity, it will easily affect the prices of goods and services.

“But because of inconsistency in the supply, consumers will hardly see the changes or reduction in price even when there is reduction in the production cost. Our own economy has certain peculiarities in that hardly will you see prices coming down after surging up, and one reason for that is the structural problem we have in the country.

“That is why I always insist that the government should be very careful in making pronouncement or taking policies that will shoot up prices, considering the effect this action has on the economy.

“During the tenure of President (Muhammadu) Buhari, for example, there was a policy pronouncement that the government was going to ban the importation of textile materials. From that pronouncement, the prices of textile materials surged up, and the government was unable to revitalise the domestic textile industry due to certain structural problems.

“Look at what happened also when the current President made a policy pronouncement about fuel subsidy removal during his inauguration. The price of Premium Motor Spirit skyrocketed. So it’s always good to understand the ‘workings’ and peculiarities of your economy first before making such pronouncements as they have impact – mostly negative – on the economy.

“If we have consistency in supply, free flow of supply just like the developed economy where production is consistent and heavy, production is efficient and going on at any time, then time lag of changes in price will be less; that is the time it will take before the prices of goods and services will come down when they go up will be less.”

The expert further explained that closure of land borders was also compounding the issue of food scarcity which ultimately led to increase in price.

“If you close your borders, you are compounding the problem of supply in the system. For example, the current domestic rice production capacity in the country is not enough to meet the demand of the population, and therefore we need about 2.5m metric tonnes to fill the supply gap.

“The only way you can make up for the deficiency is by interacting with other economies through importation. When you close the border and allow certain individuals to import goods, you’re creating a monopoly in the system and so they will control both the supply and the price. So, we have to open the economy and enable competition so that adequate supply will force the price to go down.”

Itsrm:
Even lower if possible. That's all we ask for

joseph1832:
The same silly excuse they give and increase price when the dollar started rising, will be the same silly excuse they will give for not reducing price. They will tell you they need to raise capital to restock, that's why they sell at exorbitant prices.

What I find funny is, those who sell crayfish, ugwu, egusi etc in the market, will still use the dollar increase as an excuse to sell at exorbitant price.

Nigerians who engage in buying and selling, will always look for an excuse, to sell at exorbitant prices, be it dollar, petrol, diesel, Boko Haram, Bandits, Ramadan or whatever.

OasisX:


.....they will soon be handled. ONSA, DSS, FCCPC and EFCC are watching. No room for economic Saboteurs.

GloriousGbola:
I have been waiting for this comment
When you cannot accurately describe your own degree that you supposedly spent at least 4 years in school for.

joseph1832:
You really believe this?

I mean, if the EFCC can readily ignore well known people who abuse the Naira, is it market women who live in un motorable rural areas, they want to now arrest?

chidekings:
the pastor was quick to cancel her which is bad tho......mehn i will never pray for this kind of law graduate to defend me in court

monerozi5590:
Communication skills is the greatest skills on earth but it ain't easy at all. Sometimes what you have in your head is not what will come out from your mouth.

Someone said, if you open your mouth, you tell the whole world who you are.

Intelligence sometimes is connected to how you speak, write and all. Enenche couldn't believe that a Law graduate can speak that kinda English but it is what it is.

GloriousGbola:
I have been waiting for this comment
When you cannot accurately describe your own degree that you supposedly spent at least 4 years in school for.