The bad news is, our business in Nigeria, is facing a lot of challenges,  in the battle of the US Dollar vs the Nigeria Naira. The US Dollar appreciation against the Naira, has caused our business tremendous pain and agony. Our business in Nigeria has lost about 50% of its revenue to the currency market this year alone. Its disheartening. At 180 Naira to a dollar from 120, our bills cost us 0.50 USD cents more for every dollar we spend paying the same bills we paid last year.

We rely on a US backbone in running our services to our customers in Nigeria, hence 90% of our cost of running the business goes to the USA in Dollars.

What Strategies have we considered

1. Increasing the cost of our products and services (This could hurt our customer acquisition efforts)
2. Hedging against the dollar (its too late, because it seems that the Dollar against the Naira its at its best high)
3. Doing Nothing, and hoping the position would reverse soon (This seems to be our best shot as we are not aquiring any loss yet, winks:)

Is your business affected by the appreciation of a foreign currency?
Let me know through your commentaries.