I'm always happy when I see people ask questions about what they don't know and wish to get clarify on issues that matters, hence, I will be throwing small light on how the price of dollar take affect locally made products such as Garri and beans.
So do you know that when the price of dollar increases, it always affect the price of fuel, which is an imported product, and when the price of fuel is increased, there is a high tendency for it to affect the price of transport fare, of which after the local producer may have paid a high price just to transport his Garri from point A to point B, such individual is force not to keep selling with old prievto increase the price
You are right. When the price of fuel increases, every single thing in Nigeria gets an increase in price, whether the imported goods or things that have been produced here. Petroleum is an imported product, and the reason why it affects everything is because the fuel is what the traders and businessmen and women will use to bring those things into the market to sell or buy, so since it’s a business and every single thing you spend must be calculated in order to know how much you spent and how you are going to sell and get your profit, you can see that there must be a high increase in the price of those things.
However, if you look at it since the price of fuel has increased, everything is costlier in Nigeria, so when the dollar rate gets high, things become worse for the citizens because most investors that buy something from foreign countries use dollars to purchase those things. You can see that if they bring them here to sell, they will also add some money so that they will also gain.