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Forex Crisis For Importers. - Business - Nairaland

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Forex Crisis For Importers. by alltexrecyclers(m): 10:47pm On Mar 04, 2016
The situation is crazy at present for any business bringing in goods from abroad but is everyone else just taking advantage ?

Crazy Week In Forex – Leadership

MARCH 4, 2016

By Jonathan Nda-Isaiah

The exchange rate for Naira to the Dollar was dancing Shoki in the past one week, the naira rose to 400 to a dollar in the parallel market. The speculators were having a field day as some people became millionaires overnight.

President Muhammadu Buhari’s insistence that the naira will not be devalued eased the pressure on the Naira as it dropped to N310 to a dollar. In a country where everyone is an opportunist, prices of everything in the market increased exponentially. Practising the law of multiplier effect, even tomato sellers have increased their price and when you ask them why, they will tell you because dollar has increased. Even the fisherman that catches fish in the river in his backyard has increased his price because of the increase of dollars. A landlord who built his house 10 years ago increased his rent on the same dollar has increased song.

The latest one I heard that is that bride price has also increased because of the increase of the dollar. Still trying to find the connection between dollar increase and bride price. Some sharp bachelors have cashed in on the opportunity to remain single saying since bride price has increased, they will have to put their wedding plans on hold till the naira returns to 200 to the dollar. I heard some end time pastors have started telling their congregation that if you want international blessings and connection, you need to start giving your offerings in dollars.

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