Many Nigerians are gnashing their teeth
following the continuous free fall of the
naira against the dollar which got to an
all-time high of N400 to a dollar at the
parallel market earlier this week.
However, there are some people who are still making fortune from this
economy woe. Due to the country over-dependent on
imported goods and services and no thanks to
the free fall of crude oil in the international
market that brought about scarcity of the
greenback in the country. The situation is so
bad that most Nigerians purchasing power have dwindled and there is now a renewed
campaign for Nigerians to patronize made in
Nigeria products, that is being championed by
Senator Ben Murray-Bruce, as a way to
savage the current dipping of naira. However, in all these chaos, there are
Nigerians that are making a killing and subtly
praying for the naira to depreciate further. Below are the list of people benefiting from the
depreciation of the value of naira.

1. Bureaux De Change operators
BDCs operation is very lucrative at the
moment These set of people are making a killing with
the continuous fall of the naira. Though, the
official rate of the country’s currency has been
pegged at N197-199 to one US dollar, but the
operators speculate on the country’s currency
by hoarding it in anticipation that it will fall further. This attitude has made the Central Bank of
Nigeria (CBN) on January 19 to stop allocating
dollar to operators of the BDCs. The governor
of the CBN, Godwin Emefiele, said that
operators were wagging a relentless war on
the naira.
He added that about 2,785 BDC owners were
behind the war on naira in their bid to make the
CBN rescind on its decision not to allocate
dollars to BDCs. Imagine, a situation where the BDCs buy dollar
from CBN at N199 and sell at 300. That is over
200% return on investment. This kind of
situation has made their operation very
lucrative and they will do everything to continue
in their business.

2. Commercial banks The banks get the greenback from CBN at N199 and sell at their own price An anonymous source has once said that if you want to steal from a community starts a business and if you want to steal from the whole country starts a bank. This explains the power of banks in a country. Commercial banks in the country like Bureaux De Change Operators are making massive profit from the free fall of naira. The banks get the greenback from CBN at N199 and sell at their own price, no bank as a fix price for exchange of dollars. Some banks even sell at the same price as that of parallel market. For example, if today’s exchange rate is N360 to a dollar and one makes used of one’s debit card to buy something on a foreign site that is where it would be clear of the massive gains raked in by Nigeria banks.

3. Exporters
Exporters are now gaining more for their
exported products than ever before and would
want this trend to continue. Exporters will be working toward exporting
more to cash in current slump of the country’s
currency. The activities of exporter on the
other hand could help to checkmate the fall of
naira as more dollars earned will mean more of
the currency in circulation leading to the appreciation of naira.
4. Nigerians in diasporas
Nigerians working and living in the USA, the
UK and other developed European countries
will be making a lot of profit. The fall of naira means more cash for them if
they are repatriating their funds home and
these set of people will be ever happy as the
country’s currency continues to fall.

5. Friends of the CBN
Friends of the CBN are allegedly making
fortunes There are some people who are close to top
echelon in the CBN and are putting their
closeness into massive profit. These set of
people will have unhindered access to dollar at
a very cheap rate and change at the parallel
market for massive gain. There is no way they will want the naira to gain
against the US dollar as such might mean a
misfortune for them. 6. Online business owners

Internet business owners in Nigeria still feel
comfortable These are online content providers in Nigeria
that monetized their sites with foreign
advertising platforms like Google Adsense,
Content.ad, PropellerAds Media, Amazon
Assocaites and others. These set of people will cash real-time on the
fall of naira and some of them will be praying
that naira continued to slide further. Also, there are some Nigerians that are into big
time business like forex trading, website
development.
Source https://www.naij.com/737707-six-type-people-benefiting-sharp-fall-naira.html

lalasticlala hope na dollar seun take dey pay you?

Naira Shall rise again...

Acermoon:
Naira Shall rise again...

yea sure

Bloggers!

copy paste.. even the online marketers as it is obvious from Bloggers rehashing same stories same way