Friday, January 27, 2023
No Result
View All Result
SUBSCRIBE
eNaira Online News
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
eNaira Online News
No Result
View All Result

Shortage Of Dollar To Naira Hits MSMEs The Most -Business Owners

by e-Naira Online News
June 18, 2022
in Business
Reading Time: 2 mins read
A A
0
Home Business
Share on FacebookShare on Twitter


Shortage Of Dollar To Naira Hits MSMEs The Most -Business Owners

The shortage of dollar to naira in the foreign exchange (forex) market in Nigeria hits the micro, small and medium enterprises (MSMEs) the most.

This is according to the National President, Association of Small Business Owners of Nigeria (ASBON), Dr Femi Egbesola.

In an interview where he raised alarm about the shortage of dollar to naira and its consequence on MSMEs, Egbesola said while big firms can find financial support to cushion the effect, smaller companies cannot.

His words: “Micro and small businesses are the worst hit by the dollar scarcity and high cost of diesel. While the medium and big businesses have the ability to find financial support to cushion the effect, we do not.

“The way CBN designed it; it is easier for medium and large enterprises to access dollars from the banks, so it means we have no choice but to resort to the black market for forex. That being the case, we get it at the highest rate.

“When we come to the same market with medium and large scale businesses that get it at a cheaper rate, we already know there is a big challenge.

“Secondly, you cannot forecast your proceeds because the rate changes. If you import raw materials to produce, the next time you are going back to get dollars, you have to add your capital to your profit to get dollars at a new price and that is killing.

“The implication is that many of us are closing shops because we can no longer compete favourably with the imported ones.”

BizWatch Nigeria understands that as of Friday, June 17, 2022, the official rate of dollar to naira on the website of the Central Bank of Nigeria (CBN) was N415.87. But in the parallel market, the currencies are exchanged between N600 and N610.

Related





Source link

Tags: businessDollarhitsMSMEsNairaownersshortage
Previous Post

Nigeria Must Scale up Exports to Solve Forex Crisis—Sanwo-Olu

Next Post

Nketiah extends Arsenal contract, gets new jersey number

Related Posts

Business

Access Holdings, International Breweries, others lose N51.7bn to investors’ apathy

by e-Naira Online News
January 27, 2023
Business

Lagos now closer to its smart city dream with 5G technology —Sanwo-olu

by e-Naira Online News
January 27, 2023
Business

Average retail price of kerosene up 136% in one year

by e-Naira Online News
January 27, 2023
Business

CBN, NIBSS unveil AfriGo, Nigeria’s first national payment card | The Guardian Nigeria News

by e-Naira Online News
January 27, 2023
Business

Prices of 5kg cooking gas up 27% in December

by e-Naira Online News
January 26, 2023
Next Post

Nketiah extends Arsenal contract, gets new jersey number

Binance founder, Changpeng Zhao reacts as Bitcoin investors lose $43.3bn

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest

Access Holdings, International Breweries, others lose N51.7bn to investors’ apathy

January 27, 2023

FTX Lawyers Attempt to Question Bankman-Fried’s Family and Inner Circle for Financial Insight – Bitcoin News

January 27, 2023

Bourse sustains negative trend with market capitalisation down N52m – Businessamlive

January 27, 2023

Real Estate Financing Firm Lists N20bn Sukuk On Stock Exchange

January 27, 2023

Rivers kidnapper bags death sentence for murder

January 27, 2023

Financial steps you must take before you relocate abroad

January 27, 2023

The good, the bad, the ugly sides of Oyebanji’s 100 days in office

January 27, 2023

Lagos now closer to its smart city dream with 5G technology —Sanwo-olu

January 27, 2023

Get the free newsletter

eNaira Online News

Get the latest news and follow the coverage of eNaira, Business & Financial, Stock Market, Analysis, and more from the trusted sources.

CATEGORIES

  • Banking
  • Business
  • Capital Market
  • Companies
  • Crypto
  • eNaira
  • Finance
  • Opinion
  • Personal Finance
  • Real estate
  • Uncategorized
No Result
View All Result

GET THE FREE NEWSLETTER

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.