People

‘High exchange rate is killing business’-Entrepreneurs

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… 

LAWRENCE ONUZULIKE, Nollywood Angels

Apart from my business, it affects almost every part of my life. As a resident of Sweden I have monthly bills to pay there and what is usually small has become immense due to the sudden fall of the naira. The impact on business is obvious.

The onus lies on the government to find a lasting solution to the problem. But I doubt they’ll do something tangible until after the elections.

KECH SIMON

The rising exchange rate of USD has thrown lots of businesses into confusion. And ours is no exception. We had waited in the hope the price would return to normal, or at least stabilize at a very considerable rate. But from all indications, that has proven to be an impossibility as CBN has thrown in the towel in its efforts to arrest the ugly trend. We will now have to spend more to procure goods, yet our consumers are never willing to adjust and pay higher. Lots of businesses are going to either experience tougher challenges, cut down operations, retrench staff or close shop. The country is going to witness a recession, as there is going to be a hyper inflation in the face of weaker currency and lower incomes.

The only solution now appears to be industrialization of the economy, so we can produce more locally, and depend less on foreign goods and services.

DEMOLA ADUNOLA

Businesses depend on the exchange rate directly or indirectly. Anytime there is a rise in the exchange rate of the dollar against the naira, it usually affects spending rate, especially in buying and selling that has a link with foreign products.

The indirect effect the poor man on the street is suffering, government needs to wade into the issue after elections so that the economy can stabilize before the end of 2015. We can’t continue like this, N208 to a US dollar.

OLAJIDE GREAT MCDEDE

The exchange rate of the naira to the dollar is really affecting all businesses at the moment. It’s not peculiar to freight forwarding but the only difference is that it affects us directly because we deal mostly on imported goods. And since the dollar is rising perpetually, it will continue to lead to skyrocketing increase in all the prices and tariff.

And with that, many Nigerians will not be able to afford such items again.  I think one of the major reasons for the rising dollar to the naira is because of the fall in the price of crude oil globally. Also, our politicians don’t help matters as majority of them spend in dollars to boost their campaign. Until after the elections, I don’t think the value of the naira can rise against the US dollar. Our government needs to put in place very sensitive measures and regulate a lot of things, especially the rate at which Nigeria’s apex bank deals with the bureau de change, especially those operating through the back door.

OLUWAYEMI ATINUKE

Saint Andrews Pharmacy

The rise of the dollar has affected my business. Things are more expensive, especially imported goods. One has to be careful now before buying so that one would not buy excess and by the time dollar rises again, one won’t be at a loss. But we don’t even know if we should buy less or not. I just pray it should go down to the normal rate.

SHIRELY IGWE

Shirlz Mega Concepts Ltd

It is really bad for business, especially when Nigeria is import dependent. The economic team should rise to the occasion to avert an unimaginable economic crisis.

LAWRENCE ONWUKWEM

Lawrence and Company Ltd

It bears no repetition to say that the rising exchange rate of the US dollar to the naira is killing business. For those in the business of importation, it is now difficult to bring in goods. Prices of such goods have increased beyond expectation.

And this has affected everybody. I think the CBN should wake up from its slumber and intervene to save the economy from imminent collapse.

KEHINDE GBELEE

Kogsy Sugar Craft Centre

It has affected me seriously because I sell imported goods and I didn’t have the foresight that the dollar would rise like this.  So, I buy goods more expensive now. I am afraid of stocking goods now, so that it won’t affect me when the dollar falls.

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