“Dollar Has Dropped to N1200”: Man Asks Why Price of Bag of Rice, Cement Others Are Not Going Down

  • A Nigerian man has wondered why the price of goods is not going down in the country as the dollar exchange rate continues to crash
  • The man, Malik, noted that the dollar exchange rate is now N1200 but the cost of goods has remained high
  • There has been a recent rise in the cost of consumer goods such as rice and building materials such as cement in the country

A Nigerian man has asked why the prices of goods are not going down as the dollar rate is now below N1300 according to CBN guidelines.

In a post he made on X, the man wondered why the prices of things like bags of rice have remained on the iroko tree where they climbed a few weeks ago.

Man asks why price of rice is not going down.The man asked why the price of goods was not going down as the dollar was going down. Photo credit: Getty Images/ Tim Robberts and REINNIER KAZE. Photos used for illustration only.Source: Getty Images

The prices of staple foods such as rice skyrocketed in the country, with a bag of foreign rice going for as high as N85000.

He insisted that it is not only the government that is to blame but individuals who attribute many things to the dollar.

But in his post, the man said:

“Dollar dropped from 1900 to 1200 and the price of 1 bag of rice, phones and other things didn’t reduce by 1 naira. Governments aside, we sef we be thieves for this country.”

See his post below:

Reactions as man asks why price of rice is not coming dow

@_FarouqOlami said:

“I don’t think that’s the case, you don’t expect traders to sell at a loss after they already stocked when dollar was high. i’m sure prices will drop but not instantly.”

@Bidal4Life said:

“Indomitable was 150 when $ was 1900. Now 300 Naira at 1200/$. Even Adam Smith no fit explain this kain economics.”

@spyderrmann said:

“I’m afraid but it will take more than a month for that to be effective, considering the fact that some bought with that price and dollar is still not stable at one single price.”

Man predicts fall in dollar rate

Meanwhile, a Nigerian man who makes predictions said the naira would gain against the dollar in April 2024.

In a post on X, the man, Victor Odolofin, said one dollar would be exchanged for N967 by April.

His prediction attracted many reactions from his followers, given that the current exchange rate is around N1900 in the black market.

Source: Fox Nigeria


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