The Naira has been falling against the dollars in a free fall, and only recently a dollar was exchanged at the parallel market for up to N365 and some experts say we might see a dollar exchange up again.
This exchange rate has had adverse effect on the economy of the nation, as some business had fold up as they cannot meet up to some financial obligation due to high rate of foreign exchange. Some companies had also been forced to cut down staff to cut down expenses.
The fall in Naira had also affected importation businesses as the shortage of the dollar and the high rate had made it more expensive to import goods.
But even at this rate, they are some Nigerians who are still benefiting for the high rate of Naira/Dollar exchange rates.
The first set of those people are those earning in dollars or foreign currencies. Here we have the forex traders, bloggers, writers, graphic designers and those who do some online jobs on sites like fiverr, freelancer and other online job sites. These set of people get paid in dollars so they are of advantage at the high rate of Naira/Dollars exchange rates.
Another set of people benefiting from the high exchange rate are the exporters. Nigeria is majorly known for exporting crude oil and they are mainly an importing nation and very few products are exported from the country. But they are some small scale exporters of agricultural, mining and some other products. And these people earn their money in foreign currencies especially in dollars since its main currency for international businesses, so they are of advantage exchanging their earning in dollar to naira at the high exchange rate.
The third sets of people are those working in foreign countries or those getting paid in foreign currency. They are some Nigerian international staff earning their salary in foreign currency based on their contracts, also we have Nigerians working abroad that are taking the opportunity of the high exchange rate to come and invest and buy properties in the country. These people earning are in almost double when they exchange it to Naira compared to what we have last year.
We also have entertainer that benefits from the high exchange rate, most entertainers, especially the musicians, comedians and dancers that perform shows outside the shores of the country especially those in the United State or United Kingdom.
While some are some are adversely affected by the high rate of exchange, some are finding it more profitable.