increase in dollar price

[Cryptsafe]

See me I no understand this country again oo abi na market people dey whine us. When things been start to cost them say na dollar small time say na fuel now dollar Dom stand attention for the past 2 months if I'm not mistaking. If at last dollar come down people go say na fuel be the issue again so at this point na to just focus on this petrol side cause I see am say the petrol price give headache pass the dollar sef.

I think majority of these market people don't even know the actual cause of price increment, especially for goods. The truth is, The drastic increment in petrol price is the cause of increase in goods including farm and non-farm products. Just take a driver for example, that wants to move 100 bags of rice to a neighbouring state. If a litre of petrol cost him N350 as at last year, and he buys it at N1250 this year, you would definitely expect some influence in the prices of goods as well.

I think the government needs to handle the whole petrol problem, and also, the devaluation of naira as well. We should stop doing those dirty and unhelpful business with the IMF and world bank. Consistent borrowing won't do us good when we are not productive enough.

Obviously, the cost of petroleum product also affect the price of commodities when looking at the cost of transporting it to their various outlet. Distributors or traders would definitely include their running cost so they could recover all their expenses together with profit. This is the reason why the government has to look into making sure all the local refineries are up and running so that the cost of petroleum products would be less cheap and affordable to all when refining here in our own country. Nigeria is rich enough to have refineries that could refine product for domestic and international use.

Borrowing is another problem we are facing because it also affect the economy causing currency devaluation. Till we do away with borrowing from the world bank, IMF etc, our currency would continue to remain weak. The government should focus on utilizing our local resources to generate huge revenue and curtail excessive and reckless spending to save cost for production.

[Axcel777]

See me I no understand this country again oo abi na market people dey whine us. When things been start to cost them say na dollar small time say na fuel now dollar Dom stand attention for the past 2 months if I'm not mistaking. If at last dollar come down people go say na fuel be the issue again so at this point na to just focus on this petrol side cause I see am say the petrol price give headache pass the dollar sef.

I think majority of these market people don't even know the actual cause of price increment, especially for goods. The truth is, The drastic increment in petrol price is the cause of increase in goods including farm and non-farm products. Just take a driver for example, that wants to move 100 bags of rice to a neighbouring state. If a litre of petrol cost him N350 as at last year, and he buys it at N1250 this year, you would definitely expect some influence in the prices of goods as well.

I think the government needs to handle the whole petrol problem, and also, the devaluation of naira as well. We should stop doing those dirty and unhelpful business with the IMF and world bank. Consistent borrowing won't do us good when we are not productive enough.

Obviously, the cost of petroleum product also affect the price of commodities when looking at the cost of transporting it to their various outlet. Distributors or traders would definitely include their running cost so they could recover all their expenses together with profit. This is the reason why the government has to look into making sure all the local refineries are up and running so that the cost of petroleum products would be less cheap and affordable to all when refining here in our own country. Nigeria is rich enough to have refineries that could refine product for domestic and international use.

Borrowing is another problem we are facing because it also affect the economy causing currency devaluation. Till we do away with borrowing from the world bank, IMF etc, our currency would continue to remain weak. The government should focus on utilizing our local resources to generate huge revenue and curtail excessive and reckless spending to save cost for production.

We need to ensure that local refineries can operate at full capacity to keep petroleum products affordable for the people, while encouraging a reduction in dependence on foreign loans that weaken our currency. By maximizing the use of domestic resources and reducing unnecessary spending, we can create a more stable and self-sufficient economy for the common good.

[Asiska02]

See me I no understand this country again oo abi na market people dey whine us. When things been start to cost them say na dollar small time say na fuel now dollar Dom stand attention for the past 2 months if I'm not mistaking. If at last dollar come down people go say na fuel be the issue again so at this point na to just focus on this petrol side cause I see am say the petrol price give headache pass the dollar sef.

I think majority of these market people don't even know the actual cause of price increment, especially for goods. The truth is, The drastic increment in petrol price is the cause of increase in goods including farm and non-farm products. Just take a driver for example, that wants to move 100 bags of rice to a neighbouring state. If a litre of petrol cost him N350 as at last year, and he buys it at N1250 this year, you would definitely expect some influence in the prices of goods as well.

I think the government needs to handle the whole petrol problem, and also, the devaluation of naira as well. We should stop doing those dirty and unhelpful business with the IMF and world bank. Consistent borrowing won't do us good when we are not productive enough.

The problem and the reasons that are causing it is clear and well understood by the people given the mandate to protect the state of the country’s economy. I am more concerned about the borrowing aspect of this, ever since I came to know about the government, they’ve always been borrowing money from the IMF or world bank to cater and solve problems in the country and also help to develop what they say will improve the economy situation of the country.

When they keep borrowing and there is nothing to show back for it, it makes it very hard for the economy or the country to continue to progress. You can’t go and take loan and not use that money into something productive for the country. How do you intend to pay back when the economy keeps collapsing and the citizens are not benefiting from all of that which you’ve done to improve the living condition of those same people. I believe they know the problem and can proffer the solution best to what is needed to end all this economy menace.

[Agbe]

See me I no understand this country again oo abi na market people dey whine us. When things been start to cost them say na dollar small time say na fuel now dollar Dom stand attention for the past 2 months if I'm not mistaking. If at last dollar come down people go say na fuel be the issue again so at this point na to just focus on this petrol side cause I see am say the petrol price give headache pass the dollar sef.

I think majority of these market people don't even know the actual cause of price increment, especially for goods. The truth is, The drastic increment in petrol price is the cause of increase in goods including farm and non-farm products. Just take a driver for example, that wants to move 100 bags of rice to a neighbouring state. If a litre of petrol cost him N350 as at last year, and he buys it at N1250 this year, you would definitely expect some influence in the prices of goods as well.

I think the government needs to handle the whole petrol problem, and also, the devaluation of naira as well. We should stop doing those dirty and unhelpful business with the IMF and world bank. Consistent borrowing won't do us good when we are not productive enough.

With the removal of subsidy in petrol it will be difficult for government to regulate the price of fuel in the country we instead of trying to control the price of fuel government should look beyond price regulation and look at permanent solutions to the problem of fuel in the country which is putting our refineries into a functional state where we can produce fuel that will meet our local needs that is the only point that we can have a reduced price in fuel and invariably it will translate to reduction in the high cost of goods in the market

[Joshikinz]

Dollar increase or inflation is cause by so many things. dollar inflation can either affect on the positive or negative side. It can be caused by the increase of importation of good or  increase in money supply, depending of the situation are you worried about the inflation? On the positive side today those earning in us dollars the price inflation encourage them to spend and invest their money, rather than keeping it. Many youth and people today especially Nigeria some are happy for the dollar inflation,some are suffering because they can't afford things because of the price increase. Some people are still struggling with their low salary and there  boom dollar increase, price of goods and commodity, "hard life " making goods and services more expensive.  This have cause the standard of living to decrease everybody dey manage now. The people that are gaining from the increase are those earning in USD example politicians and businesses connect from abroad. Any specific questions about dollar inflation?

Well even if one earn in USD in Nigeria excluding the politicians, they will still end up spending the country in Nigeria and they will be affected ny the inflation, they basically cannot escape it, so that is why it I am asked I will say that I prefer that the dollar rate is remains constant so it can accommodate both those earning in USD or Naira.