New Dollar Exchange Rate: Businessman Mentions When Prices of Goods Will Start To Reduce

• A Nigerian businessman believes it would take a long time before the effect of the crashing exchange rate would be felt
• The man said that it could take as long as three months before Nigerians would benefit from the crashing dollar rate
• He said he bought his goods when the dollar sold for N1,770 compared to now when a dollar sells for less than N1,570

A Nigerian businessman said the crashing dollar exchange rate might not immediately affect the prices of goods.

The man said that, as a businessman, Nigerians should not expect him to drop the prices of imported goods in his store.

He said the effect of the falling dollar exchange rate may not be felt for at least three months, stating that Nigerians would only 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 N1,770 to the naira. As such, he was not willing to sell these 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 to match the new exchange rate. The video was posted by Instablog9ja.

Commenting on the story, a banker known on TikTok as Benny Digitals told Legit.ng that the exchange rate affects the cost of imported goods.

He said:

"Yes, they do; we are sadly an import-reliant country for the most part, so it does. The price of goods being purchased overseas also increases due to the dollar rate rising. I think we will see a drop in the price of things when the dollar drops and remains stable."

Watch the video below:

Reactions to businessman's views on exchange rate

Netizens have reacted to the businessman's views on when Nigerians can expect the effects of the exchange rate on costs.

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@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 upset with new USD exchange rate

In a related story by Legit.ng, a Nigerian lady lamented that she saved money in dollars only for the American currency to crash.

She said people had told her to save in dollars and now regrets it. The lady came online to ask if the USD price would go up again.

Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.

Source: Legit.ng