L
LequteMan
Guest
Every Nigerian, government agencies and several small and big private businesses have been impacted in one way or the other, mostly negatively though, by the continued scarcity of dollar in the country.
The scarcity caused an increase in demand which in turn resulted into a hike in the value of the greenback.
As a result, several people have lost their jobs, several businesses have closed down and others are reeling from reduced revenue. However, this isn't the case for everybody. Some people, businesses included, are faring exceptionally well due to the situation. They are:
1. Local producers of raw materials.
The major demand for dollar in Nigeria is to import raw materials for the production of daily goods. Due to the scarcity of dollar, several businesses have resorted to patronize local producers of raw materials to meet their demands.
Local producers of palm oil like Presco Plc and Okomu Oil Palm Plc have both recorded high increases in year-on-year growth. Presco’s revenue grew year-on-year to N11.94 billion from N8.04 billion; profit before tax and after tax also grew to N9.71billion from N4.73 billion and N6.80 billion from N3.43 billion as reported in its 3rd quarter report, results more impressive than they had predicted.
2. Dollar earners
Not all workers, businesses and business owners in Nigeria earn in naira, some earn in dollars. The situation has caused an increase in their income status. Website owners receive their cheques from Google in dollars, companies with foreigners as clients receive their payments in dollars, exporters, etc.
3. Currency marketers
Nigerians catch on quickly to new trends, especially one which puts money in their pockets. The FX situation in the country has seen the rise of several online currency marketers who advertise themselves on online forums. If you're looking to buy dollar, they can sell to you, at the parallel market rate. Some of them are legit and others are frauds.
The scarcity caused an increase in demand which in turn resulted into a hike in the value of the greenback.
As a result, several people have lost their jobs, several businesses have closed down and others are reeling from reduced revenue. However, this isn't the case for everybody. Some people, businesses included, are faring exceptionally well due to the situation. They are:
1. Local producers of raw materials.
The major demand for dollar in Nigeria is to import raw materials for the production of daily goods. Due to the scarcity of dollar, several businesses have resorted to patronize local producers of raw materials to meet their demands.
Local producers of palm oil like Presco Plc and Okomu Oil Palm Plc have both recorded high increases in year-on-year growth. Presco’s revenue grew year-on-year to N11.94 billion from N8.04 billion; profit before tax and after tax also grew to N9.71billion from N4.73 billion and N6.80 billion from N3.43 billion as reported in its 3rd quarter report, results more impressive than they had predicted.
2. Dollar earners
Not all workers, businesses and business owners in Nigeria earn in naira, some earn in dollars. The situation has caused an increase in their income status. Website owners receive their cheques from Google in dollars, companies with foreigners as clients receive their payments in dollars, exporters, etc.
3. Currency marketers
Nigerians catch on quickly to new trends, especially one which puts money in their pockets. The FX situation in the country has seen the rise of several online currency marketers who advertise themselves on online forums. If you're looking to buy dollar, they can sell to you, at the parallel market rate. Some of them are legit and others are frauds.
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