‘High exchange rate is killing business’-Entrepreneurs (3)

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… 

TEMITOPE OLUWAFEMI, Oluwafemi Clothings

It affects us directly, our production cost has increased. We pay our partners in dollars. We now have to pay double for production, yet, the quantity has not increased. Our customers are also not willing to pay more. Rather, they want a reduction in cost.

I don’t really know, I am sure there is a way they can reduce the price of dollar. Government should not make assumptions, they should do something about it.


Apart from my business, it affects almost every bit 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 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.


The exchange rate has had both direct and indirect effect on business this year. Our consumables such as paper, toner, printer, films and the likes have become more expensive. Despite this, we have tried to maintain our old prices. Also, customers now give the excuse of the dollar rise for not wanting to pay what we charge them.

JULIUS AGWU, RealLaff Entertainment Ltd

Yes, it is really affecting business, especially when it has to do with transactions involving foreign currencies. The Federal Government and the CBN should control the economy.

OLABISI ADEEKO, Bisiano Signatures

Imported goods are more expensive now. Customers are always complaining. It has affected sales. I can’t wait for dollar to fall to the normal rate or lower, because it will boost my business.

CHIEF SAM OKONKWO, Fairpoint Nigeria Ltd

The exchange rate has hit the roof. Nobody is controlling anything. The high exchange rate is really killing business. This trend should be arrested in the interest of the economy.

FOLAKE SHOMUYIWA, Shomuyiwa Publications

The exchange rate has affected imported goods and sales has not been like before. So, I don’t over-stock.

I buy goods when needed so as not to lose.

OLUSOLA OBASUYI, Ideal Technical Limited

I cannot quantify how much this exchange rate has affected my business. Due to the nature of my job, I deal with dollars, if not on a weekly basis then on a monthly basis.

All we need is a change, not only at the state level but also at the federal level.



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