Tag: Monitor Exchange Rate
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How to Position Your Business Against Foreign Exchange Risks
Imagine this: You’re a business owner in Nigeria importing raw materials from China. You agree to pay your supplier $50,000 in 60 days. Today, the exchange rate is ₦1,200 per dollar, meaning the cost in naira is ₦60 million. But what if, by the time payment is due, the exchange rate jumps to ₦1,400 per…