Despite the recent crash in the exchange rate which has strengthened the naira against the dollar for weeks, many Nigerian business owners are yet to feel the impact of the fairly stable forex market on their various businesses.
Some entrepreneurs encomium.ng spoke to are happy about the stable rate, as they asked for direct intervention by the government in the aspect of raw materials or any import related items if only to ensure smooth running of businesses in the country.
‘Fall in exchange rate has no effect yet on my business’ -DEMOLA ADUNOLA
“It’s true dollar has fallen and that naira has gained some strength now. And that the expectations out there are that the prices of goods and services should come down to reflect the new exchange rate, that the economy jumps up and things start normalising. It’s not like that. I can tell you as a businessman, nothing has changed in the last one month that dollar has crashed. The prices of most of what we deal in haven’t come down at all. I think it will still take some time before things can normalise. The government still has a lot to do to ensure free flow of business. The naira must be strengthened further before we can stabilise. It’s after that our business plans can materialise.”
‘Things are still the same’ -ZAINAB ASIFAT
“I have not experienced any difference yet in my business. Although, dollar has come down, nothing has changed. Things are still the same as they were before the crash of the dollar. The major excuse by the manufacturers of the products we deal in has always been that of skyrocketing exchange rate. But since the naira has appreciated, nothing has changed. We still buy most of these products at same prices. Some are even more expensive now. That’s the reason we can’t also reduce prices of our services for now because we will just be running at a loss. I think there’s need for government’s intervention to ensure prices of some products also come down in line with the situation at the foreign exchange market. However, dollar must also go as low as N200 for the economy to be relatively stable.”
‘We’re yet to get there’ -LARRY OWOJORI
‘It’s true dollar has come down compared to the black market situation of early this year. Now, we can get dollar for between N380 and N400 compared to about N500 it used to be before the unexpected crash in the exchange rate. But the truth is that prices of so many items are still skyrocketing. Even, most of the foreign wears I deal in are still very expensive to come by now. And before now, the reason for their high prices was the exchange rate which was not at all favourable. But now, with the new exchange rate as directed by the CBN, we all expect that things would have come back to normal, but reverse is now the case. That means something is wrong somewhere that must be addressed by the government as a matter of urgency if we don’t want to go back to square one.”
‘Nothing positive yet’ -OLAJIDE MCDEDE
“I don’t feel the impact of present situation concerning our foreign exchange. They’re just saying dollar has come down but nothing positive has happened to our business and the economy generally. Everybody is tired. Our sector is still ailing. Since more than four weeks now, dollar has been relatively stable but that has not reflected in our daily transactions. Everything still maintains the previous price. I think government needs to work on its economic team in order to bring out something better than this. The team also needs to work hand in hand with the Vice President Osinbajo and the Central Bank of Nigeria (CBN) to further strengthen the naira and stabilise the economy.”
-TADE ASIFAT for Encomium.ng