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Of course the market is showing lots of green light signs. It is one of those long awaited moments. How we often cross fingers when we see the entire market dying down, reds don't last forever I guess. Even Ethereum is making a leap to one of those tokens that has proven to be a little siloed or rigid if it fits to say. Bitcoin has been performing well no doubts if only many will agree to this. The expectation was that it should be trading around 200k by NOW.
Ok, you have to give it a thumbs up, at least it has not gone below price mark after Trump took over Power. This brings me back to when BTC was trading below 16K after it's all ⇪ high× that year. This story always looks more like a dream, the difference is that we are living it, a big relief for those who invested big on this project and also stayed long enough. I am centering on a bouncing back but it wasn't necessarily about Bitcoin and the crypto market.
Let's head back to the locals. So I have been seeing some market changes within our environment (consumer goods to be specific). If you are living in Nigeria then buying commodities at higher prices is no longer strange to you, buying low is. I could remember some weeks early when I was passing by the market road and happened to see a fruit I liked. I stopped over to buy some, my least price expectation was N500 per portion of it. On asking, I heard her saying N200. Personally, I thought she was joking and I had to ask again. You know I wasn't still convinced until I took two portions and paid N400 and walked away without being called back.
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You may not understand but it has been hyper-prices over here for a while. We saw prices of commodities 4x in the space of 6 months. Earlier predictions this year was that the prices of consumer goods will hike again. It has been the reverse by the middle of the year. I have seen changes in the fruit market. It has been in the surplus and at atleast a fair price. The factors surrounding this is first, God is hearing the outcry of his people and secondly, there has been a massive switch by local sellers into the consumer goods industry.
The demand for survival has brought in lots of forgone alternatives to consumers. Kiosk, hawkers and retail shops are NOW more into food stuff. It has brought about a competitive market and a realized actual good price. Dealing with perishable goods comes at a price, you have to sell early or run at a loss. So many have been manipulating the market ALL this while even at local level.
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The cash crop industry has also shown a bounce back. One of them is the cassava industry; a very vital source for garri flakes. This seems to be the most consumable source of carbohydrates especially for the locals. I had to do some price research with local seller and found out it has dropped to a little bearable state although some sellers are still hyping to sell. I wasn't able to get a more accurate pricing in terms of per bag but comparing in cups it shows changes.
Earlier this year, it was sold at t and half at N500 but this gap has been closed to 5 for N500. It is surprising how just 5 cups of garri flakes can even go for N500 Naira, the second highest denomination yet the masses are just happy for the relief. As we speak, not all local sellers are complying with these sales but at least some places are selling signals it to be a feasible price.
To conclude, let me add, we have seen a relief at least from our local markets by the middle of the year. Earlier predictions have been proven Vice. I am writing from my little research within the town, it proves a lot. We are the ones that buy the highest highs when it comes to consumables. Anyway, non-consumable goods industry is still selling at high prices. Maybe it is due to import and tallying with dollar prices. How will the remaining five months be like? The ember season is always full of high price sales and it worsens during the Christmas seasons. At least we will not be seeing new price highs if things can stay this way. Indeed a relief for the citizens for the moment.