Dollar don rise, even market women know this
If you are not Nigerian and not knowledgeable of our pidgeon English, well this is Nigerian pidgeon English 101.
After using my bicycle for the first time to the market...saving about a dollar in the transport...I met the first person I was going to buy from.
I asked her for my usually powdered milk and chocolate-flavored malted powder that typically cost a little less than $4 and she said it was N2,100 and it was previously N2,200. At first, I thought she just wanted to give me a higher price because I did not know the price, and then she said, "dollar don rise".
I didn't bother to bargain the price anymore.
Well, for those who don't understand pidgeon, you should know what dollar and rise are, so the question is what is, what is don in this context?
Don is the verb to have in pigeon.
So "Dollar don rise" means the dollar has risen. A market woman told me this. Well, it didn't come as a surprise to me...I just wanted it to be out there.
She probably went to re-stalk from whole sellers who sell in the houses and they told her that the price had increased. They probably met the producers who said the same thing.
The producers also noticed the price of the nonreusable material for production went up particularly the ones that they import.
The ones that trade the material probably noticed the higher demand for the dollar or the reduced demand for the naira and wanted to make for that.
All this happened gradually. I remember scrolling through my Binance records from when I started using P2P to withdraw after that no crypto bank trading policy early in the year. It started somewhere at N430 early in the year to what it is now at N570 for a dollar.
So what's really true is not that the dollar increased...the naira is falling heavily to other currencies.
I saw a video of doctors protesting in Nigeria about the poor financial state of the country in the '90s...back then the doctors were protesting with cars...right now to afford a car you'd have to save all of your salaries throughout the year and what you get is not going to be so pretty.
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