People

‘High exchange rate is killing business’ -Entrepreneurs (2)

Entrepreneurs have decried the negative effects of the fall of the naira.

Confessing it’s killing business, they appealed to the authorities to halt the imminent collapse of the economy… 

LARRY OWOJORI

The rise in the exchange rate of the dollar to the naira is really affecting my business. Most of what I deal in are imported. And because of the rise in the dollar, I find it difficult to go for foreign items now. But we hope that after elections, the dollar will surely come down. We understand a lot of politicians don’t carry Ghana must go around again, they prefer spending in dollar or pounds.

SAIDI BALOGUN

The rising exchange of US dollar and other foreign currencies has changed the face of every business negatively, and until something urgent is done, there can’t be any improvement in the economy. Everything is affected either directly or indirectly since the exchange rate keeps shooting up and up.

Even to shoot a movie now, you need to think twice, especially if it involves travelling abroad.

CELESTINE NWANKWO, Much More Global Tech

Dollar rise is really affecting my business because people do not believe that we use dollar for exchange. For instance, goods we bought at N15,000 last year are now N18,000 and it is not encouraging. We have to convince customers before we can sell.

It’s seriously affecting the growth of business. We want the government to do something about it.

UZOR NGOLADI, Strategia Media Blast

Yes, things are increasingly getting more expensive because of the exchange rate. The only solution in my mind is to diversify the economy since the factors that ruined the naira are traceable to the fall in oil prices. It’s time to transit from mono-product economy to a diversified era.

AUSTINE AUSTINE, First Choice Boutique

There is no international businessman that dollar will not affect his business. The price I bought my clothes before, is not the price I am buying now. Everything has increased and is really affecting my business.

Before now, we buy clothes and bring to Nigeria easily, now it takes us a whole lot because of dollar exchange. It’s not encouraging at all.

LINDA AMARA IKE, Linda’s Pot

It is affecting everybody in one way or the other. When the naira is falling freely, its purchasing power decreases. And that is why every business owner should be worried.

We do hope that the Central Bank of Nigeria and the economic team would address this critical issue.

DIJE BADAKI, Dhadza Fashion

Not much. But we now have to buy goods with more naira. Most especially for those of us who don’t stock dollars or other foreign currencies, we have to change to foreign currencies at exorbitant rates.

We still need to go back to the drawing board and re-access our economy stance and look for other means to generate resources that will replace oil.

IYUNADE JACOBS, Beauty Sparks

Yes, it has because most of my customers tend to think twice before they buy any makeup product. Only few of them understand the nature of the economy but I must say, it is not easy at all.

I feel the Federal Government needs to look into this issue and make all appropriate  arrangement, because this exchange rate is really affecting business.

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