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Dollar decline might not affect prices of goods – Nigerians

Decline in dollar might not affect the prices of goods as there are additional underlying factors influencing it.

 

Nigerians maintained that the surge in the dollar’s value is not solely responsible for the increase in the prices of goods.

Netizens argued that factors such as fuel prices, customs duties, transportation costs, and unreliable electricity supply contribute significantly to the escalation of commodity prices, beyond just the rise of the dollar.

Moreover, they contended that Nigerian traders are also culpable for the price hikes, as they exploit buyers by purchasing goods at reasonable rates but sell them to consumers at exorbitant prices, disregarding the detrimental impact on product quality.

A Facebook user @Mike Obebe opined “The Nigeria government will need to create a task force in the regulation and monitoring of commodity prices in Nigeria market.

“The extortion and insincerity from our marketers and industries is too much. One outrageous thing is that, as the price of these commodities begin to hike, the lower their content and qualities. What prompted the price review in the first place? Is it not to maintain the quality and standard of the commodity? Reverse is always the case here. Our economic system in this country, way down to the micro-economic level is over capitalized.”

Another user Ajibade Noah Olawoyin also added, “Inflation doesn’t follow the law of gravity in Nigeria. Whatever goes up, stays there or goes a step higher.”

Facebook user @Ayo Adeyemi said, “Manufacturers of some items need to start fixing prices of what we buy outside because our market women and men are profiteering to the depression of our people.”

In his case, @Francis Segun D-great commented, “Has price of diesel dropped. With the ever-increasing price of diesel in which most of these manufacturing companies used in running their companies and vehicles used in transporting their products.

“The price of their products will keep going high. Diesel is now #1500-1650 depending on the locality. Many factors contributed to the increase in price of goods not only dollars”.

Bashorun Adebayo also reacted, “Dollar is not the reason why the goods price skyrocket. But bad policies of the government. Too much or triple taxation, lack of electricity for the marketing people or producers that are paying for estimated billing and at the same time using fuel for productions.

“Government should reduce there taxes on those good and make the environment a conducive one for the producers and market people.”

 

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