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.

Looking forward to food prices coming down but the problem is most of the sellers bought their goods at high prices so it will take awhile before we can see changes.

malton:


It will be hard for the naira to return to how it was before.

#360/$ is the best one can get for now until the indicators change.

Besides, this rate is not sustainable.

Naija's economy defies logic.

Na so my broda

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.

It will take about 2 months when New shipment arrives
Price of cars will fall in the next few weeks

That's why this country will never be great #fact

Hushee:

Yet, we blame it all on the government.... We're just so f*cked as a nation.

SEEDORF441:
rice has less in in my area

this act will make BDC irrelevant....and ppl will like to patronise banks while BDC are left with no choice than to sell at same rate with banks

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 understand your point but do consider that some of this traders bought their wares at the old rate and don't expect them to sell below their cost price. At least the new rate will reflect on the price of commodities from next month. NO ONE GO INTO BUSINESS TO MAKE LOSS

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 do not expect this to reflect immediately do you? The importers will be at a loss. The goods they are selling now was bought 2-3 months ago wen dollar was still high...... There will be a price reduction in two to three months time if the new rate remains stable that is.

chyke4:
CBN shld inject more dollar into circulation, 360 is still very high! can't we have N100 to $1

306 is their target

[quote author=Livebygrace post=54991578]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.[/quote



Am happy some Nigerian knows d truth, hope u don't mind if I share it on my facebook with recommendation to u as d writer. 85% of Nigeria sellers are thieves they just want to make i imaginary profit.

[quote author=keemsleek post=54992591][/quote]

God ahead my brother.

bettercreature:
It will take about 2 months when New shipment arrives
Price of cars will fall in the next few weeks

are u living in caves?it takes three weeks for ship to arrive,bro

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.

It's called price sticky theory in economics which says it is easy for prices of goods and services to increase than to fall

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.

correct

hahahahaha

The Government should set up a committee to review and reverse the price of goods and services in the nation immediately.

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.

Hausa and Fulani na the same thing.

Dollar thieves everywhere.

I can't see the difference between Saraki and Dino

So how much now for the visibles?

LivingHuman:
The Central Bank of Nigeria (CBN) on Monday said Nigerians can now buy dollar at N360 from commercial banks across the country.

The new rate applies to invisibles such as school fees, medical bills and travelling allowances.

"CBN to sell FOREX to banks at N357/$1, while banks will sell to their customers at N360/$1 for invisibles (BTA, medicals, fees, etc)

CBN directs banks to post new rates in the banking halls of their branches immediately

CBN examiners to visit banks to ensure the new rates are implemented

CBN prohibits banks from selling FOREX funds meant for invisibles to BDCs" the apex bank said via its twitter page on monday.

http://www.cambellsblog.com/2017/03/cbn-introduces-new-forex-rates.html

Prophet of doom!

My bro also told me recently that dollar wouldn't go down further but it has gone down by almost N150, since then.

malton:


It will be hard for the naira to return to how it was before.

#360/$ is the best one can get for now until the indicators change.

Besides, this rate is not sustainable.

Naija's economy defies logic.

Funny enough commodities that have no link with the dollar also skyrocketed . Common Garri, even palmoil which is local is more xpensive than G/oil

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.

Easy, things are not done that way. Those goods you see in the market were purchased with high dollar rate, give them time to sell out old stock before complaining that is if naira sustain the gain.

DozieInc:
CBN have said their own, go bank first.

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

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.

OK. good one.

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.

doesn't really work that way. it's still the work of the market to reduce the price. Say for instance, a new player comes into a market now with the current exchange rate and decided to use it as it presently is to sell his goods. he will attract so much customers and other sellers will have no choice than to also consider price reduction.

The thing is everyone is waiting for the first person to decrease price

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.

God bless you. The average Nigerian is a wicked person. Yet they keep blaming those in power

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.

doesn't really work that way. it's still the work of the market to reduce the price. Say for instance, a new player comes into a market now with the current exchange rate and decided to use it as it presently is to sell his goods. he will attract so much customers and other sellers will have no choice than to also consider price reduction.

The thing is everyone is waiting for the first person that will decrease price

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.

Let's just wait till next week... Them go hear am...

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.

This statement is totally unfair. The truth is it will take several months before the impact is felt. Remember that people have gotten their goods at the old dollar rate, they need to sell those goods off first, restock at the current dollar rate, it is at this point that a drop in prices will happen.

But as at now the old good still need to retain their original price, else you will bankrupt the sellers/retailers.


So patience is the word

malton:


It will be hard for the naira to return to how it was before.

#360/$ is the best one can get for now until the indicators change.

Besides, this rate is not sustainable.

Naija's economy defies logic.

A pessimist sighted

Jammiiee:
Funny enough commodities that have no link with the dollar also skyrocketed . Common Garri, even palmoil which is local is more xpensive than G/oil

Yes this will always happen, because the people who sell does products, also by dollar dependent products and their lives are also affected by the inflation in the country.....

So in order to make ends meet, they also have to hike their prices....its just economics my brother
When inflation goes down, their prices will also go down

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.

The parallel market and the official rate are trending towards very low spreads. The allocation to invisibles is sucking out speculative demand. When the exercise started people were applying for $4000 dollars etc for bta and selling back into the parallel. Today that demand has shrunk to 500 - 1500 indicating that there is no value in speculation. I expect this to continue until we reach 320.

Remember that the aim is not just to lower parallel rates but to create new supply from FDI.

Regarding the fall in local prices. Give it time. If this policy is sustained for the next 6 months ( which I expect) we will see reduction in domestic prices led by competitive forces.

Sadists/demons have refused to allow the new rates affect the prices of essential goods and commodities!
OsinBANDE, pls do something o!