The momentum has lingered on ever since the Nigerian Naira reached the ₦1,300 to a dollar mark last week. And so in their reaction to this quick overturn from the unprecedented dip in the value of the local currency, economic analysts feel more open to churning out positive data-driven predictions about what shoppers can expect in terms of price reduction either for goods or services all across the country.

The way Development Economist, Prof. Ken Ife pictures it in a News Agency of Nigeria (NAN) Sunday reporting, the reversal will start right on the edge of diesel also seeing a price reduction.

When any farm goods wholesaler tries to justify their reason for hiking up the price of much-needed food, their moral compass points to the exorbitant cost of transporting the city-bound produce from the hinterland.

Imported food has to be transported across the country, so they are heavily dependent on the high cost of transportation, Prof. Ife explains with proof of how expensive filling up a truck in recent months had been if it ran on diesel.

But that will come down because diesel is what is used to run the buses and trucks that transport these foods across the country.

So they will come down because the average price of diesel has come down to N1,000 from N1,800 and it may come down further. So that seems to be putting down prices of the dependent products.

Then some other things like travel and transport are likely to come down a bit too.

Before now, organisations like BUA Cement, whose founder Abdulsamad Rabiu sits among private sector representatives President Bola Tinubu drafted into an emergency economic recovery team, and other manufacturers agreed to sell their cement for ₦7000 or ₦8000, depending on where the customer is buying.

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Even Nigerian household’s fastest food, Indomie Noodles also saw its price reduced. A 70g of Indomie Regular Chicken noodles already sells at ₦250 compared to ₦300 in February but it seems the heavy strain has made parents think they no longer want to feed their kids with this sort of pasta indefinitely based on social media conversations.

The immediacy will be prominent also when it comes to imported goods, as Prof. Ife had hinted in the chat. Since the Naira is gradually regaining its weight in value when juxtaposed with internationally traded currencies, importers won’t have to fund the shipment of their favourite goods through their nose.

Some deal with beverages or clothing apparel for women and children – they all demand hard currencies, preferably dollars to get them down to Nigeria, so a stronger Naira is everyone’s wish.

Prof. Ife says the federal government’s measures are having [an] immediate effect at the forex end. Not just because there is an increased inflow of forex now both in diaspora remittances and from foreign portfolio investments coming in to accrue very high interest rates.

It is because the government is actually shaking down speculators in the market. These are all adding up to force the dollar to come down. He wants Nigerians to exercise patience because soon prices will moderate downwards up to a point but some are already living his advice, no doubt.