Quote from: Majestic-milf on April 10, 2024, 10:54:31 PM

Quote from: EarnOnVictor on April 10, 2024, 02:04:56 PM

This one shoke everybody, my brother, I was pondering about the whole situation a few hours ago, I don't just understand, especially the manner in which the Naira has risen but the inflation refuses to subside. Fine, at the start of this whole thing, the forex played a major role in this hyperinflation and economic woe since we are a consuming nation but the fact remains that our people aggravated it unnecessarily. Every sector of the economy started using the inflation excuse to increase prices. No one in the business can be exonerated from this, be it the manufacturers, the wholesalers down the retailers. They were just driving the market as if it is their birthright and the government is just clueless about the whole situation. They are never prepared for anything.

You know say for this country, we dey like get reason for why we dey do some things and this marketers no dey exempted. Most of these sellers get Union and when price of things go high due to a situation, them go attribute cost of goods to that thing and now in this case nah the dollar increment; we don hear of how the naira don dey gain over the dollar as before wey e be #1700 to a dollar, things were bitterly high but now wey e don go down to #1200 as of last time I check, things still dey as e be and you begin to ask why? These unions wey don stamp price like this, anybody wey decide to sell beneath wetin them out fit enter problem with them; you fit dey regarded as the bad belle wey wan put sand for their garri.
Bottom line be say no be the dollar dey cause price hike, nah just plain corruption and greed of humans.

You brought this out from a nice angle but I wonder if these manufacturers, importers and sellers have unions, why is the government not engaging these unions as well so that they will not indirectly create a monopolistic market that will affect the country negatively? For the record, for me, the government is just clueless, because, naturally, people will always be selfish here in Nigeria, be it individuals or unions, that's why the government should always be prepared, and in this situation create some policies that will weaken their monopolistic control.

Also, I believe this issue is beyond the union, though it is a contributory factor. I've seen people selling the same product from the same manufacturer in the same city as they like where you would go to 5 different places and the average difference of their goods could be about N7,000 for the goods that were formerly sold for N9,000. I believe if it is their union that is emboldening them always, the price difference should not be that much. But it shows that people are behaving as they like, and has continued to influence the economy negatively. Now that we have seen a notable increase in the value of the Naira, we should have seen a notable decrease in goods too, especially with phones and gadgets that are dollar-dependent, but these people will rather prefer to hoard them than sell them at a cheaper price to reflect the market reality.

It takes good souls to change the narrative, but since the mind of an average Nigerian is selfish, it continues unabated.