http://www.punchng.com/traders-throng-aba-onitsha-lagos-kano-markets/

Someone help me paste the article please...this scarcity of dollars is a blessing in disguise for some

asha80:
http://www.punchng.com/traders-throng-aba-onitsha-lagos-kano-markets/

Someone help me paste the article please...this scarcity of dollars is a blessing in disguise for some

But most traders in all these markets mentioned still complain of very low patronage. It's very evident. The problem we are in now is not just dollar scarcity or hike but cash crunch as well.

jonathanOz:

But most traders in all these markets mentioned still complain of very low patronage. It's very evident. The problem we are in now is not just dollar scarcity or hike but cash crunch as well.

I am just judging from the article...i also wonder if the traders in this markets don't import there goods too(except some aba ones)

Nigeria is on the verge of real economic development for the 1st time and I hope the present Government make good use of the opportunity.

asha80:
http://www.punchng.com/traders-throng-aba-onitsha-lagos-kano-markets/

Someone help me paste the article please...this scarcity of dollars is a blessing in disguise for some

The scarcity of dollars in the country has left traders with
no option than to be thronging some commercial cities in
the country to buy goods in order to remain in business.
Some of the traders, who are majorly importers of textiles
and other materials, resorted to thronging Aba, Onitsha,
Lagos, and Kano markets, among others, due to the scarcity
of dollar in both commercial banks and the black market.
According to the traders, the scarcity has continued to
affect their businesses.
The traders claimed that they decided to buy from the local
markets in order to meet the demands of their customers
and to “avoid being pushed out of their sources of
livelihood.”
The Managing Director, Ziza Cosmetics, Bauchi, Mrs.
Christabel Rowland, said the dollar scarcity had almost
“ruined” her business before she resorted to buying goods
from the Kano market.
She said, “Apart from the scarcity of dollar, the exchange
rate is just rising with no sign of it dropping.
“I can’t buy anything abroad presently. If I should buy, my
customers may not afford to buy them because the goods
will be very expensive.
“Anybody who travels now to buy goods abroad will only
waste his money and make losses because it is not
advisable to bring imported goods to Nigeria now with the
high exchange rate.
“It is better to buy in Kano or Lagos in order to minimise
cost. I can’t imagine buying goods abroad at this critical
time.”
Also, a bank customer, Alhaji Jimoh Obasa, said his
international business had suffered a huge setback
because of the scarcity of dollars.
He said since he could no longer discharge his
responsibilities with his clients, he decided to temporarily
close his operations while hoping that the situation would
improve.
A businesswoman, Mrs. Joy Ajayi, who usually buys goods
from Dubai, and the United States, said her hitherto
booming business had been undergoing serious challenge
as she could no longer get enough dollars to import goods.
Ajayi said she decided to buy from Aba, a commercial city
in Abia State.
Alhaja Afolasade Olalere has also stopped travelling to the
United Kingdom, her favourite destination for the purchase
of lace fabrics, as a result of the situation.
According to her, she is not considering travelling abroad
to buy goods until there is drastic reduction in the
exchange rate and availability of dollar.
“The scarcity and the exchange rate are needless because
many businesses are going moribund,” she said, adding
that she had decided to buy from the local markets anytime
she got orders from her customers.
However, Saturday PUNCH learnt that some traders have
been relying on influential Nigerians to access dollars at
commercial banks.
An Ekiti State-based businesswoman, Mrs. Victoria Adeolu,
told one of our correspondents that she used the influence
of a member of the House of Representatives to get dollars.
“Funny thing is that even the lawmaker is complaining that
it is not easy for him to get dollars from banks anymore.
But when I hit a brick wall, I always call upon the lawmaker
to help get the dollars,” she said.
Adeolu added that she was already thinking of patronising
the local markets, preferably Kano to buy goods.
Bukola Adetoun, another Lagos-based businesswoman,
said she might quit her clothing and gold business if the
economy did not improve.
She said, “I feel like crying as I am talking to you. I go to
the market with N2m and it is as if it is just N200, 000. If I
increase the prices of my goods, who will buy them? Before
I travel, I usually tell my customers to place orders on what
they want. Now, more than 89 per cent didn’t get back to
me. It is very unusual.
“I am taking a big risk in this trip I intend to make. If I come
back and I am not able to make any profit, I have to quit.”
A dealer in Senegalese wears, Mr. Ngozi Eze, said business
had been slow in the last few months as a result of the
economic crisis caused by the high exchange rate and
scarcity of dollars.
She said, “Each time I travel to Senegal, I always come
back with four sacks of clothes. But the last trip, I could
only come back with one and half bags for the same
amount of money I have been using to buy clothes.
“Each of my wears costs not less than N25, 000. So, how
will I tell my customers to buy same for N50, 000 if not
more? At the end, the traders are the ones losing. I wonder
what will happen in future.”
Attempts by a Delta State-based textile trader, Mrs. Eunice
Ogbodo, to buy $8,000 have hit brick wall.
She said, “The scarcity and the high exchange rate have
badly affected my business. I can no longer travel to Dubai
for obvious reasons; I cannot afford N370 to a dollar. I have
struggled to buy $8,000 with no success.
“I may soon resort to buying goods from local markets to
keep myself in business because nobody knows when this
‘madness’ will stop.”
A Lagos-based dealer in motor vehicles and electronics,
Mr. Olubukola Adeosun, shared similar experience.
Adeosun said he had not been able to buy some of the
products that he wanted to import into Nigeria since
January due to the scarcity of dollar.
He said apart from the scarcity, it was not wise to import
capital goods into the country now due to the fall in naira
value.
Adeosun said, “Things are difficult right now. I have some
goods that had already been picked for me in the US since
January for import into the country, but I have not been
able to pay for them due to dollar scarcity.
“The scarcity has also led to an insensible rise in the dollar
value. I am even being cautious right now because if I
should get the dollars by all means, it will be too expensive
and this will translate to the goods that I want to sell to be
too expensive for Nigerians.
“There are still some vehicles that I imported since last
year and they have yet to be bought. I want to sell them
first before I import the ones that have been picked for me
over there.

If power can work....and local industries are given soft grants and loans....our manufacturing capacity will work again. We have industrious people with bright ideas in this country and this present problem can be an advantage if we cash into it.
It's time to give your ideas a chance. It's an opportunity for all as the economic tide to depend on other countries is changing

Good

Aba - South East.

Onitsha - South East.


Nnewi - South East.

We only compete with ourselves reason why Igbo mudfighting here doesn't trip me anymore because its inbetween us.

<hr\>

Kano - 19 States in North.

Lagos - No Man's Land.