The high exchange rate between the naira and other foreign currencies, especially the US dollar is seriously affecting business.
We spoke with some business owners on their challenges and what they want the authorities to do to address the issue…
Sure, the skyrocketing rise of the US dollar against the naira is really affecting my business just like every other business out there. There is a limit to the quantity of foreign goods one can import at the moment. I think the government is doing that deliberately to encourage local production, but for now that can’t work. It has to be gradual. Not all goods coming in from abroad can be produced here in Nigeria at the moment.
I think the Federal Government and Central Bank of Nigeria (CBN) should work out a modality to ease the exchange rate in the interest of the common man.
OLAJIDE GREAT MCDEDE
The rising exchange rate of the US dollar to the naira is quite alarming. And that has been affecting a lot of businesses, including mine. Since the skyrocketing rate of the dollar and pound to the naira, my business has not been stable. We deal in imported items, and with rising exchange rate, we’re not making any substantial profit anymore.
The only advice I can give to the present administration is to work towards strengthening our currency and boost the morale of local entrepreneurs so that things can stabilize.
It’s not an easy thing to go through whether or not you’re into any business because whatever goes around always comes around. The skyrocketing rate of foreign currencies, especially the US dollar, pound and euro is giving many Nigerians sleepless nights at the moment.
For instance, I should have imported some items but couldn’t because of the exchange rate. And the few I have, couldn’t satisfy my clients and if I jack up the prices, they will complain. So, I am even confused now. Federal Government should just peg the exchange at a reasonable level so that business can rise again.
BOLAJI ARIGBEDE, Huri Classic Limited
As a fashion designer/ retailer, exchange rate has made buying and selling very difficult, it has affected all part of business from buying flight ticket to buying goods, the worst part is that it affects every other business too so there’s no circulation of money.
It all lies with the government. They know what to do to make naira more valuable. They have capable hands working at the Central Bank of Nigeria.
Exchange rate has affected business in terms of price which brings about low patronage generally. Everything is in the hands of the government. We are waiting for them to intervene.
FOLAKE SHOMUYIWA, Shomuyiwa Publications
It’s been tough since we don’t have a steady system. It’s now a game of chance, because if you buy lots of imported goods and you don’t sell them on time, the dollar may fall and we will be at a loss and vice versa. The government needs to do something fast. They know how they manage to do things like this.
Saint Andrews Pharmacy
It’s really affecting my business now, most times we sell imported goods not because we want to but because we don’t produce such goods in Nigeria. I hope the government will see to this issue because it’s getting out of hands.