Implications of a depreciating naira for small businesses

           Currency depreciation occurs when a countries currency in this case Nigeria decreases in value relative to foreign currency like the dollar. Its implications for a small business might be good or bad it all depends on the type of transaction.
            If your small business requires payment in U.S dollars for exports, your customers may buy more of your products, your customers may buy more of the products because their currency converts to more.
             If you pay your foreign supplies in U.S dollars your small business will not be affected because you are not converting any currency for the transactions. The downside of this is if your suppliers require you to pay them in their currency because you will be spending more as opposed to what used to be before