erico2k2:

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 .

don't tell me d world of Economics taught u by evil ones....who has increased d workers salaries to meet up with d change in price.?

I repeat dat is d wickedness....Business men and women give a wide margin for their price increase....it is a known fact in Nigeria....just like increase in transportation last December when fuel price remain same

erico2k2:

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 .

You mean the commonest things as groundnut, garri made in Ijebu, bush meats and some other stable foods produced locally have everything to do with forex? My brother, Nigerians are incurably greedy and would stop at nothing to take advantage of you at any given opportunity. Even if Naira to a Dollar today is 100, prices of things will never drop. An average Nigeria is enjoying the untold profits he's generating at the current situation of things. It's a modern Nigerian factor. God will help us.

Transporters in Lagos will increase fare by 200% because of downpour and make untold profits for nothing. It's simply wickedness and greed

Fourwinds:
don't tell me d world of Economics taught u by evil ones....who has increased d workers salaries to meet up with d change in price.?

I repeat dat is d wickedness....Business men and women give a wide margin for their price increase....it is a known fact in Nigeria....just like increase in transportation last December when fuel price remain same

That's the ignorance right there.when the cost of importing brake pads and engine oil went up you xpect road traffic workers to keep a price mute ? Seriously . Is this not a classic example of rise in inflation ? .There is nowhere in the world where wages rise in direct proportion of increase in inflation . .

erico2k2:

That's the ignorance eight there.when they cost of importing rake pads and engine oil went up you xpect road traffic sport workers to keep a price mute ? Seriously . Is this not a classic example of rise in inflation ? .There is nowhere in the world where wages rise in direct proportion of increase in inflation . .

now dat d dollar is down., I will wait to reply u in fews.....classic example of wickedness in Nigeria

Fourwinds:
now dat d dollar is down., I will wait to reply u in fews.....classic example of wickedness in Nigeria

How do you know it's truly down when you are sat here and hasn't made any forex purchase . Go to the banks and buy . Let us see howmuch they sell or if it's realy available at the said price . The you will know them thieves are toiling with the libest of 250m people . They don't givee a craaaaap

AngelicBeing:
Good move but not enough, until it trickles down to the cost of living becoming affordable before l take them serious, l am not interested in a useless air-conditioned tea drinking CBN policies, l want to see a drop in the prices of rice, yam, beans, red oil, groundnut oil, tomatoes, onions, maggi, bournvita, milo, agege bread, ewa agoyin, semovita, semolina, amala, gbegiri, fish, meat, carrots, pepper, kerosine, butter, kulikuli, cement, cost of transport fares to different locations, etc, etc, as long as the prices of the items mentioned above is still high, l dont give a fu..ck if the dollar is 300 or 360, useless government feeding fat while the masses are dying

So after this na for CBN to make it ''
trickles down to the cost of living becoming affordable'' before u take them serious Abi?
My guy haba!

erico2k2:

How do you know it's truly down when you are sat here and hasn't made any forex purchase . Go to the banks and buy . Let us see howmuch they sell or if it's realy available at the said price . The you will know them thieves are toiling with the libest of 250m people . They don't givee a craaaaap

it is down....we know how d $100 million offered by d CBN laid waste last week...only $81 million were taken by d Banks

Fourwinds:
it is down....we know how d $100 million offered by d CBN laid waste last week...only $81 million were taken by d Banks

This is hear say . Where I come from seeing is believing . .I don't trust these guys up there . The guys who control BDC are king makers . They won't give up thier way of life just like that.
PS . hope you know the idea of our ATM cards not being used abroad was vomittted by the Banks not the CBN . Question mark is why don't they reverse that ban . Since they claim they have forex in excess . Spot the tricks ? ?

erico2k2:

This is hear say . Where I come from seeing is believing . .I don't trust these guys up there . The guys who control BDC are king makers . They won't give up thier way of life just like that.
PS . hope you know the idea of our ATM cards not being used abroad was vomittted by the Banks not the CBN . Question mark is why don't they reverse that ban . Since they claim they ha e forex in excess . Spot the tricks ? ?

ok...all I know I need to see changes soon.

Pls can someone shed more light on invisibles? Does it include money for importing raw materials for the industry?

If the invisibles does not target the largest demander of dollars, then the fall in dollar price is going to be short lived.

ufumes:
Pls can someone shed more light on invisibles? Does it include money for importing raw materials for the industry?

Services I guess .

AngelicBeing:
Good move but not enough, until it trickles down to the cost of living becoming affordable before l take them serious, l am not interested in a useless air-conditioned tea drinking CBN policies, l want to see a drop in the prices of rice, yam, beans, red oil, groundnut oil, tomatoes, onions, maggi, bournvita, milo, agege bread, ewa agoyin, semovita, semolina, amala, gbegiri, fish, meat, carrots, pepper, kerosine, butter, kulikuli, cement, cost of transport fares to different locations, etc, etc, as long as the prices of the items mentioned above is still high, l dont give a fu..ck if the dollar is 300 or 360, useless government feeding fat while the masses are dying

Could you at least try to be reasonable? Now, tell me how the government or CBN is responsible for the persistent high costs of those items you listed? These things are sold by average Nigerians. I hope you aren't expecting the government to force these people to bring down prices if they won't do so on their own. Let's be objective, please.

Do you at 1000ngn to 1$ you will call people's reaction "wailing". You need a therapist right away.

Bari22:
Buhary in town, if to say this happens under osinbajo the wailers would say buhari is incompetant but trust wailers this is now a bad news for them, they rather hear a naira crashed to 1000 per dollar and they will start wailing

nawa o

ufumes:
If the invisibles does not target the largest demander of dollars, then the fall in dollar price is going to be short lived.

Not exactly. The idea is that when demand pressure linked to invisibles is reduced on the black market, more money will be available to other players, including industries. This will also be at cheaper rate. It's simple demand and supply interplay.

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.

Oga, do you have any circumstancial evidence to show how Forex approved by CBN to be utilized for the stated invisibles would be diverted to BDC dealers? Can you please explain how they plan to do that?

Please visit your nearest bank branch and enquire on the requirements and process flow of Form A applications and approvals. I find it libelous and extremely aggravating when a comment as yours is made in such banket manner. Please explain how a Form A invisible can be diverted to a BDC operator account? I'm curious. Leme learn.

erico2k2:

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

too much dollar effect, my brother.

Tinyemeka:

Oga, do you have any circumstancial evidence to show how Forex approved by CBN to be utilized for the stated invisibles would be diverted to BDC dealers? Can you please explain how they plan to do that?

Please visit your nearest bank branch and enquire on the requirements and process flow of Form A applications and approvals. I find it libelous and extremely aggravating when a comment as yours is made in such banket manner. Please explain how a Form A invisible can be diverted to a BDC operator account? I'm curious. Leme learn.

Has this not been the Norm??

erico2k2:

Has this not been the Norm??

No sir.

If it has, could you please describe how it's done?

bugativeron:



How? within how many days? What kind of mathematics is that? Is it immediately that traders will go to market or they should reduce their prices immediately even when the goods were bought @ higher dollar rate. Use brain bros

Wasn't it immediately dollar went up that those wicked traders jacked up the prices of their goods?

Don't defend rogues biko

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.

They will say that the old stock they bought at high dollar has to be exhausted. Government has to create price monitoring boards to force prices of goods and services down.

Tinyemeka:

Oga, do you have any circumstancial evidence to show how Forex approved by CBN to be utilized for the stated invisibles would be diverted to BDC dealers? Can you please explain how they plan to do that?

Please visit your nearest bank branch and enquire on the requirements and process flow of Form A applications and approvals. I find it libelous and extremely aggravating when a comment as yours is made in such banket manner. Please explain how a Form A invisible can be diverted to a BDC operator account? I'm curious. Leme learn.

Form A abi. You stay there sir.

I'll only give you one answer. The BDCs that are required to show documentary evident of PTAs and BTAs they sold to every week, how do they do it and yet still sell above the approved CNN rate?

Maybe you're new in this country sir or just maybe your response has some political undertone. Only you know.

What I know is what I've said. And to a large extent, I'm flurry familiar with the subject matter. But if you disagree, all well and good sir.

martineverest:
how much is a bag?

10k

SEEDORF441:
10k

lag?

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

I believe we will be great, it might just not be in our lifetime.... I hope I'm wrong tho

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.

palm oil is imported?smh for u

martineverest:
lag?

ogun state

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

Not defending them but any sensible business man would do that. It's basic street economics. If he sells at a price lower than current market value, where do you think he is going to get the money to restock given that he has to spend more money given that his own cost of purchase has also risen? You can't control that in a system where government fixes the price for petroleum. In a more liberalized and competitive system, the interaction between demand and supply will determine the price of fuel and competition may even ensure that the pump price is lower than what you have under a regulated regime.

Next time, try and argue with facts and not curse like a mad man.

Deeldorado:


Not defending them but any sensible business man would do that. It's basic street economics. If he sells at a price lower than current market value, where do you think he is going to get the money to restock given that he has to spend more money given that his own cost of purchase has also risen? You can't control that in a system where government fixes the price for petroleum. In a more liberalized and competitive system, the interaction between demand and supply will determine the price of fuel and competition may even ensure that the pump price is lower than what you have under a regulated regime.

Next time, try and argue with facts and not curse like a mad man.

i don't think u are okay at all... U must be mad... I will say it any time dat Nigerians are wicked... If there is impending increasing in fuel price, while not sell d oil stock and buy a new one den increase ur price rather dan hoard it and wait for d increase... If u don't see wickedness in dat, i see it as social wickedness on d part of businessmen in Nigeria... When d dollar started falling from #500 to #380, why didnt their price fall immediately? But they can defend that because they bought it when dollar was high but they cannt do same when dollar was lower... Use ur common sense