In early December 2017, the exchange rate between naira and dollar was about 306 naira to 1 dollar. I closely monitored and saw it slowly come down to 305 because the CBN stamped its foot down that no matter what, during December/January holidays nothing will make the United States dollar overcome the Naira.
Bureau de Change companies across Lagos made strong efforts to align themselves along the determination already laid down by CBN. According to reports I got, many of these businesses known only to transact in currency trade were on a vigil, so to speak, during the holidays. As you know, it was the time for businesses to request the most dollars during the year.
To ensure that naira doesn’t slip against the dollar.
It paid off! January 2018 started on a new positive pedestal for Nigeria as companies and small business establishments opened with confidence that this year will be a positive one for local businesses. Twenty-nine days into the first month of 2018, the positive trail is still in the air.
What matters for a country where everyone wants to enjoy top quality products and services and they – both rich and poor – rely on imports to get the best of whatever they want? Many people buy stuffs through import and they can tell you how hard it was to purchase goods in dollars in 2016 and 2017.
One of the reasons for that was the recession. Everyone seemed to be holding their naira in hand as if it was the last they would ever spend!
You don’t know how many businesses were proposed to start up in Nigeria in 2017 but that never saw the light of day. The dreamers behind these unrealized visions may be ashamed to tell you their story. Yet, many businesses we’ve known for years are still around us. They have for most part of our lives impacted us in unbelievable ways. They’ve gone through thick and thin too.
But these businesses will stand tall and relate their success stories because you have patronized them. They made money from you and if they can find a way to keep satisfying our small needs, they can hope to remain for a long time. The federal government, along with state governments can continue to do more to support these businesses. The Central Bank of Nigeria (CBN) can do its best to ensure that naira firms up against the dollar always. The apex bank should strive to hold inflation at bay and also make sense of the Monetary Policy Rate.
As the editor of Business & Economy Review, I want to show appreciation for your patronage. We hope that we will continue to serve the interests of clients and customers indefinitely. For without that, there doesn’t seem to be another way to keep business on the right pedestal.