Episode 8: What to Do When Your Supplier Only Accepts USD

Many businesses, especially in Nigeria, face a recurring challenge: their international suppliers demand payment in USD, while access to foreign currency is limited and expensive locally.

Key Points Covered:

1. The Common Problem:

   • Suppliers in places like China, the US, and the UAE often only accept USD.

   • Local businesses deal with currency restrictions and volatile exchange rates.

   • This creates friction in procurement, pricing, and overall cash flow.

2. Why It’s Hard for Local Businesses:

   • Getting USD from banks or the Central Bank is slow and uncertain.

   • Parallel market rates are higher and drive up costs.

   • Hidden charges, conversion delays, and strict banking rules add to the frustration.

   • These delays can lead to missed shipments or lost business opportunities.

3. Smart Workarounds:

   • Use fintech solutions like Oneremit to simplify and speed up cross-border payments.

   • Reduce dependence on traditional banks.

   • Gain access to better rates, lower fees, and faster settlements.