How To Benefit From The Increasing Rate Of Dollar To Naira In Nigeria

For the past year in Nigeria we have experienced high increase in the exchange rate of dollar to naira and other foreign currency. Naira has been depreciating. This has in turn resulted to high increase in price of goods in the market.

All market women, consumers, and students are lamenting that light matches, sachet water that used to cost less now cost higher or even 20 leaves book which increases on its price. This has resulted to hardship on the people, why? ...

Because Nigeria depends solely on importation, think about this if all the goods listed above can be manufactured locally, don’ you think the prices will still be lesser. My guess is yes, the cost will be minimal because there will be no exchange of dollar.

You should know that the whole issue of increase in prices of goods is caused by high exchange rate of dollar which is caused by so many economic factors like drop in oil prices which is her main export product, decrease in exportation and others.

This issue of foreign exchange rate high has helped to create great business opportunities for great Nigeria entrepreneurs who want to become their own boss. How?

Manufacturing: for one who wants to go into manufacturing, this is an opportunity for him; because there will be enough market, customers to serve since consumers would want to purchase goods which are lower in price than higher priced goods. Though there are enough sachet water companies in Nigeria, the nylon they used for production are still been imported. You can start manufacturing the nylon and you will be patronized by these companies.

Go into exportation: one can gain a lot by going into exportation. This issue encourages export and discourages import. This will enable one to earn foreign currency which when exchanged to naira will become a huge amount and it also contributes to the growth of the economy. Things one can export which are in high demand outside Nigeria includes cashew nut, charcoal, bitter kola etc.

Gambling: if you are good in gambling you can also benefit. How? By predicting what the dollar will exchange for by or before December, whether it will be increasing or decreasing. If you buy dollar today with hope that before or by December it will increase you will sell it and make your profit. Pure business isn’t it? So many people make a whole lot of money like this.

I hope this helps, better to start now than later, say no to procrastination.

Any addition or subtraction