A Nigerian man said it would take a long time before the effect of the crashing exchange rate would be feltThe businessman said it would take as long as three months before Nigerians would benefit from the crashing dollar rateHe said he bought his goods when the dollar sold for N1770 as compared to now that dollar sells for less than N1570
A Nigerian businessman said the crashing dollar exchange rate might not have an immediate effect on the prices of goods.
The man said that, as a businessman, Nigerians should not expect him to crash the prices of imported goods in his shop.
The man said the effect of the new dollar exchange rate would be felt next year. Photo credit: X/Instablog9ja and Getty Images/Bloomberg.
Source: UGC
He said the effect of the falling dollar exchange rate will not be felt until at least three months time. He noted that Nigerians will start reaping the benefits of the new dollar exchange rate in March 2025.
According to him, the last goods he bought were paid for when the dollar sold at N1770 to the naira. Hence, he would not sell it at a loss.
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He said he ordered 10 containers of goods when the dollar exchange rate was high, so he would need to finish selling them before reducing the price in line with the new exchange rate. The video was posted by Instablog9ja.
Watch the video below:
Reactions to new exchange rate
@RicchDaStreet said:
“That’s how it should be, cause by that time frame they should be able to clear old products they bought with the old dollar rate. Then they can now start selling with the new rate.”
@sholaey01 said:
“It will still be the same jare. Naira fluctuates, so don’t expect semi permanent change anytime.”
@deslilym said:
“When it went high, did you wait a day before inflating prices on your goods?”
@ify_oloye said:
“Prices doesn’t change with respect to dollar increments.”
Lady reacts to the new exchange rate
In a related story, a Nigerian lady lamented that she saved her money in dollars and now, the currency was crashing.
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She said people had told her to save in dollars, and now she regrets it. The lady came online to ask if the price of the dollar would go up again.
Proofreading by Nkem Ikeke, journalist and copy editor at Henzodaily.ng.
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