How To Survive The Dollar-Naira Dance (Pt. 1)

The Naira continues to sink against the Dollar...and as I type, it currently changes for N400+/$1. As a businessman/woman, there is/are no reason (s) why you should sink with the Naira! If you are not thus prepared to sink, you may begin by thinking in this manner:

1. Forget about the consumption mentality: Instead of thinking about the latest phones/gadgets, think about the latest content/eBooks you could produce and
preferably, market to non-Nigerians.This is just a classic example...be creative - and think outside the box.

2. Earn in Dollars: While it is a great idea to sympathize with the Naira, your current challenge is to see how you can live and stay afloat - even if the Naira is further beaten to exchange at 5,000 against the Dollar. Accordingly, it is a smart option to ensure that you price all your products in US Dollars!
This will ensure that you live well above inflation...if your customers cannot source Dollars, they should pay at the prevailing exchange rate!

3. Serve the international market: Believe me, all those who are crying that the Dollar is killing them are those who serve the local market...if your audience is foreign and you earn in Dollars directly, you'll laugh even when the Dollar becomes as powerful as N10,000! Believe me, there is nothing sweeter than earning in Dollars and spending in Naira. Seriously. This entry, while a bit late, is an emergency response to the current crisis the Nigerian Naira is facing in it's fight against the Dollar. Accordingly, this entry is 'survival' based. If you will appreciate a more thorough, planned and strategic response, the part II (of this entry) is what you should look out for....

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