Even As Naira Rises Against Dollar, Dont Expect Fall in Food Prices - Economists Tell Nigerians

Date: 31-03-2024 7:34 pm (1 month ago) | Author: kacy lee
- at 31-03-2024 07:34 PM (1 month ago)
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Economists have indicated that Nigerians may not immediately notice the effects of the recent appreciation of the naira against the dollar on commodity prices in the country.

The CEO of Economic Associates, Ayo Teriba said, “Foods that have been bought at the old exchange rate will still be tied to the old exchange rate.

“Whether a month or a quarter, it depends on the duration it takes to order and sell. The effect we should hope to see is that the prices have stopped going up. We call it acceleration.”

Echoing similar sentiments, President of Nigerian Economic Society, Adeola Adenikinju,  highlighted the economic rationale behind the delay in price adjustments.

Adenikinju said, “What people have in stock now was purchased at high prices. If they sell at lower prices, they are going to record losses.

“So until they replace the current one, that is when they will reduce their prices.

 “But currently, to avoid losses, they will still sell at the rate at which they bought it. We will only start seeing the current prices of things as current stock is sold and new stock is acquired.”


Posted: at 31-03-2024 07:34 PM (1 month ago) | Addicted Hero
- kp45 at 31-03-2024 08:46 PM (1 month ago)
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Does anything that goes up in Nigeria comes down  Huh?
Posted: at 31-03-2024 08:46 PM (1 month ago) | Addicted Hero
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- gogoman at 31-03-2024 08:54 PM (1 month ago)
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why not? oh, because una be thief  Roll Eyes Roll Eyes Roll Eyes
Posted: at 31-03-2024 08:54 PM (1 month ago) | Grande Master
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- Holopid at 1-04-2024 09:27 AM (1 month ago)
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a beg make d price drop jare..i want complete my upstairs!
Posted: at 1-04-2024 09:27 AM (1 month ago) | Gistmaniac
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