Tuesday, May 26, 2009
Wednesday, May 13, 2009
THE CHEAPEST SOURCE OF DOLLARS IN NIGERIA
The demand for dollars in recent times has risen 2 a very high extent following the economic crises that affected the world Nigeria inclusive .The central bank of Nigeria CBN had to take measures to balance the equation of the aftermath .We have seen a skyrocket in price of dollars from the price it were b4 the crises to what it is now officially following the effect of CBN s reaction to the crises.
The official price being #148 to one dollar is not feasible practically going by the lack of availability and scarcity of the dollar which made the black market an alternative but a very costly one .The rate at the black market recently is hovering at about #175 to #185 to one dollar .In the worst case it even rose to over #200 to on dollar .This of course is no good news to the economy which is importation based .Consider the fact that prices of goods and services is directly affected by the dollar exchange rate.
Importers therefore need a cheap source of dollars 2 enable them stabilize and maintain a lower priced goods to their customers .In this article, we wish to provide info on how to source this dollar at the cheapest price available i.e. the CBN price.
For you to qualify for this cheap source of dollars which will be saving u not less than #20 for each dollar ,you must be a genuine importer or an aspiring one .If not you have to present yourself as one with the required documents to back you up.
It might interest you to know that CBN was the one which created this policy enabling importers to source dollars directly from the Bank in other to frustrate the services of the black market another indication that the black market price of dollars is never likely so to say to come down but will keep on being on the rise.
CBN s new exchange rate policy ensures that dollars is consistently and continuously supplied to the commercial banks at official rate at a minor difference of not more than #3 to one dollar .That is where the genuineness of the businessman in concerned matters because while applying to source your dollars at the banks u must provide documents like an invoice of goods u wish to purchase .The whole idea is for u to justify the use of the dollars .So u must provide proof of what u intend to do with the dollars u wish to purchase .You must also know that u will be paying duties on your import upfront as the bank will be deducting and paying to the government.
In summary the cheapest source of dollars presently is through the banks thanks to CBN s new exchange rate policy that ensures its availability there .So as an importer or an aspiring one ,it is your opportunity to save much more and purchase much more from the companies u operate with .Remember to provide proofs of what u intend to do with the dollars .This could be an invoice of the goods from the company direct or a document of an application of intending purchase which will include the price of dollars inside.
The demand for dollars in recent times has risen 2 a very high extent following the economic crises that affected the world Nigeria inclusive .The central bank of Nigeria CBN had to take measures to balance the equation of the aftermath .We have seen a skyrocket in price of dollars from the price it were b4 the crises to what it is now officially following the effect of CBN s reaction to the crises.
The official price being #148 to one dollar is not feasible practically going by the lack of availability and scarcity of the dollar which made the black market an alternative but a very costly one .The rate at the black market recently is hovering at about #175 to #185 to one dollar .In the worst case it even rose to over #200 to on dollar .This of course is no good news to the economy which is importation based .Consider the fact that prices of goods and services is directly affected by the dollar exchange rate.
Importers therefore need a cheap source of dollars 2 enable them stabilize and maintain a lower priced goods to their customers .In this article, we wish to provide info on how to source this dollar at the cheapest price available i.e. the CBN price.
For you to qualify for this cheap source of dollars which will be saving u not less than #20 for each dollar ,you must be a genuine importer or an aspiring one .If not you have to present yourself as one with the required documents to back you up.
It might interest you to know that CBN was the one which created this policy enabling importers to source dollars directly from the Bank in other to frustrate the services of the black market another indication that the black market price of dollars is never likely so to say to come down but will keep on being on the rise.
CBN s new exchange rate policy ensures that dollars is consistently and continuously supplied to the commercial banks at official rate at a minor difference of not more than #3 to one dollar .That is where the genuineness of the businessman in concerned matters because while applying to source your dollars at the banks u must provide documents like an invoice of goods u wish to purchase .The whole idea is for u to justify the use of the dollars .So u must provide proof of what u intend to do with the dollars u wish to purchase .You must also know that u will be paying duties on your import upfront as the bank will be deducting and paying to the government.
In summary the cheapest source of dollars presently is through the banks thanks to CBN s new exchange rate policy that ensures its availability there .So as an importer or an aspiring one ,it is your opportunity to save much more and purchase much more from the companies u operate with .Remember to provide proofs of what u intend to do with the dollars .This could be an invoice of the goods from the company direct or a document of an application of intending purchase which will include the price of dollars inside.
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