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The Founder: 8 important lessons every entrepreneur needs to learn

The 2016 movie The Founder is packed with important lessons for entrepreneurs. It draws open the curtains and takes you behind the scenes, revealing the secrets to how Ray Kroc turned McDonald’s into one of the biggest fast food restaurants in the world.

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The 2016 movie The Founder is packed with useful insights into the business world. It draws open the curtains and takes you behind the scenes, revealing the secrets to how Ray Kroc turned McDonald’s into one of the biggest fast food restaurants in the world.

As of 2018, McDonald’s serves over 69 million people daily across 37, 855 outlets. It operates in more than 100 countries. It is also the second-largest private employer in the world, with 1.7 million employees. And all this grew from a single Hamburger stand in San Bernardino, California.

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How did Kroc do it?

Before Ray Kroc discovered McDonald’s, he was a struggling salesman who spent several decades of his professional career selling milkshake machines and paper cups.

Then one day, in the 1950s, he got a call from a faraway restaurant which ordered 6 of his milkshake multi-mixers. No single restaurant had ever ordered such a large quantity. Curious, he decided to go see things for himself. That was when he met the owners of the restaurant – the McDonalds brothers, Dick and Mac.

In those days, fast food restaurants took a lot of time to serve your order. When the order finally arrived, it will be different from what you asked for.

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Ray was impressed with the brothers’ speedy system of making and serving food and suggested creating a franchise. And that was how it all started. He later pulled the ownership rights for McDonald’s from the brothers, turning McDonald’s into a multi-billion dollar empire.

What was the secret to his success? Let’s find out:

  1. Persistence

Ray Kroc was frustrated on many occasions. Things didn’t always go in his favor. But not for once did he give up. As the franchise agent of the McDonald’s brothers, his revenue generation and cost saving ideas were frequently being denied or delayed. The contract terms also didn’t favor him and he was almost bankrupt and about to lose his home.

Rather than give up, he tolerated the frustration until he found a way to gain control over the terms and conditions of the business.

It’s often easy to give in to tough situations. But with the power of persistence, you can create a path for success.

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[READ: FOCUS: How this oil company went from popular to ‘unfamiliar’]

2. Branding

Some entrepreneurs overlook the importance of an outstanding brand name and logo. This shouldn’t be the case. Consider this – the McDonald’s Golden Arches is one of the company’s greatest selling points, along with the name “McDonald’s”. This tells you the importance of branding.

beyondperception

After Kroc bought the brand from the brothers, one of them asked him why he didn’t use the secrets of how they run their restaurant to start his own. After all, they showed him how the speedy system works as well as the formula to cooking McDonald’s hamburgers. Why choose to stick with their brand? Ray Kroc said it wasn’t all about the speedy system. He might as well have started his own restaurant but wouldn’t go far. It was the name “McDonald’s”. It commands power.

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Never underestimate the power of a good brand name and logo.

3. Be innovative and solve consumer problems

All it takes to succeed in business is to provide what consumers need. Once you have that, you won’t have to convince them to buy. Instead, they’ll seek you out. In other words, the right product creates demand.

thegreenafricaproject 300x250

The McDonalds brothers brainstormed and developed an efficient system which enabled them to cook and serve good food at low cost and lightning-fast speed, without compromising quality. They did things differently from other fast food restaurants that existed at the time. Their innovativeness attracted customers in droves. Despite the long queues, people were willing to wait.

[READ THIS: America’s grounded Boeing 737 Max may return to the sky by December]

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4. Adopt a working system

The good fortune of McDonald’s started with the invention and reinvention of the Speedy system.

As a firm, you can’t deliver a consistently positive experience, become profitable, nor achieve growth and scale your business without an efficient system of operation. The great brands rely on these. It’s not enough to create a selling product or service. You also need to create a working system or adopt an existing one.

5. Find the right partners

When Ray Kroc’s franchising idea was approved by the McDonalds brothers, he sought out franchisees amongst the wealthy people he knew. To his great disappointment, they failed to maintain standards. This made him go for middle-class individuals instead, who were hardworking, disciplined, ambitious, and willing to follow due process.

The way your business is run determines your legacy and brand image. It’s important to partner for the right reasons and with the right people.

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6. Seek expert advice and fresh perspectives

At a point, Ray Kroc was hardly able to make ends meet on the 1.5% commission he was receiving from the McDonald’s brothers.

Things began to turn around for him when he eliminated the constraints imposed by the terms of the contract. This was after he met a financial expert who made him realize that he was actually in the real estate business, and not just the fast food business. He could buy up the land on which his franchisees operate. The advice also helped him gain more control over the franchisees he selected. By owning the land, he could evict them if they failed to keep the standards set for McDonald’s restaurants.

There are ideas that may never occur to you without insight from an expert or fresh perspectives from people you trust.

7. Carefully negotiate contracts and always put agreements in writing

Never give room for sentimentality in business. Negotiate favorable deals and make sure everything is in writing.

At the beginning of the movie, Ray was eager to get the show on the road and agreed to certain terms that restricted his operations eventually, and yielded little returns for him. Luckily, he found a way to change the terms later on.

After he bought McDonald’s, he offered a handshake deal when the brothers demanded royalties. They were later denied those rights as they couldn’t prove the deal ever happened.

8. Choose a spouse with like ambitions

Ray Kroc’s wife had little interest in his business endeavors. This later led to divorce as he found another woman who shared his drive and ambition.

Don’t get married for the wrong reasons. Marry someone who can help you build your dreams.

Patricia
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Shoprite controls 22% of Nigeria’s formal retail, future to be driven by indigenous retailers

Nigeria’s retail market faced a myriad of challenges following the recession in 2016.

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Shoprite controls 22% of Nigeria’s formal retail, future to be driven by indigenous retailers

The Nigeria Shoprite knew when they made entry through the launch of The Palms in December 2005 is a sharp contrast to its current condition. Little formal retail competition, a stable currency and much higher GDP growth rates were core themes in Nigeria’s story about a decade ago and as a result, Shoprite’s business grew by over 10% annually for 13 straight years in its Non-South African country operations where Nigeria played a major role.

Shoprite sat at the very heart of Nigeria’s retail boom which saw the total retail space grow 10x from 2005 to late 2017. Despite the 13 years of strong growth, the combination of events that have occurred over the past 3-4 years was enough for Shoprite to decide, albeit in a much softer way than their South African counterparts, to call it quits by selling a stake in their Nigerian subsidiary to potential investors. All in all, the signaling that comes with a complete or partial sale of Shoprite’s stake in its Nigerian subsidiary is much worse than the action itself.

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READ ALSO: TradeDepot raises $10 million in pre-Series B equity round

Why are they leaving?

Nigeria’s retail market faced a myriad of challenges following the recession in 2016 provoking a loss of confidence in the market as investors suspended their large exciting retail projects and a handful of retailers exited the country. With a slowdown in retail developments, Shoprite, who serve as the go-to anchor tenant in Nigeria’s major malls found it difficult to expand.

Segment sales growth in Nigeria since June 2019 have been unimpressive compared to Shoprite’s home market in South Africa, even though that economy has been in recession since the beginning of the year. The xenophobic inspired attacks in September 2019 saw 14 Nigerian malls with Shoprite as its anchor tenant looted and damaged. This worsened sales growth and led to a 59% reduction in weekly customer visits according to their 2019 results presentation. Two months after the protests, customer visits were still 14% lower than the typical.

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READ MORE: Amazon’s “Just Walk Out” technology to change the Nigerian retail experience?

Although Shoprite’s recent performance decline is highly influenced by currency fluctuations, the group mentioned in their 2019 results presentation that they were taking immediate actions in reducing dollar-denominated rent, borrowings and curbing capital allocation for new stores and developments proving these were also a struggle for the company.

How big is Shoprite in Nigeria?

Shoprite’s relevance in Nigeria’s retail is highly significant with its anchor presence in 25 malls controlling about one-fifth or c. 21.81% of Nigeria’s total retail space. This indicates that any shakeup with Shoprite has significant consequences for Nigeria’s retail industry. Before the entrance of other retailers, Shoprite Nigeria had very significant dominance in Nigerian retail centres dictating lease terms due to its heavy traction.

READ ALSO: Shoprite lays off 115 workers, shuts down second branch in 5 months

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Who are the potential investors in Shoprite that can close the void?

Retail Supermarkets Nigeria Limited, the Nigerian arm of Shoprite Holdings revealed they have identified Nigerian investors that “share in its vision”.  Shoprite Holdings is keen on creating a “truly Nigerian business” for its Nigerian arm by transferring the majority of its ownership to indigenous investors. This provides an opportunity for indigenous retailers who started out in standalone shops seeking to expand their local dominance by growing into malls.

A few notable Indigenous retailers who have recorded significant growth recently include Hubmart, Jara, Prince Ebaeno among others. While some retailers have expressed interest and started to expand their footprint into formal retail centres, others have expressed disinterest in that strategy.

beyondperception

Hubmart expanded into formal retail centres through their entry into The Lennox Mall in 2018 leading to a total of 4 retail stores in Lagos State. Prince Ebaeno has so far avoided the formal retail strategy and stuck with standalone stores. Now they control a total of 5 retail stores in Lagos and Abuja. Jara (officially EDLP Nigeria Ltd) recently launched a small retail centre in Ikeja and another in Edo State and are looking to establish a nationwide discount supermarket and retail chain and aligning with Shoprite could expedite that process. The company is linked to the Persianas Group (owners of The Palms chain of malls) who, as we will point out, have a vested interest in this process. Other retailers such as SPAR, keen on expanding their local presence in formal retail may also be looking in Shoprite’s direction.

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It is worthy to note Carrefour, an International retail store with relatable dominance across other African countries who tried penetrating the market by anchoring the c.20,000 sqm Twin Lakes Mall by Actis. Further expansion by Carrefour after Twin Lakes Mall would have threatened Shoprite’s dominance. However, plans for this mall were suspended largely due to the macroeconomic downturn, retail market fundamentals and a change in Actis’ investment strategy. The sale of Shoprite might just serve as an opportunity for Carrefour to make market entry if they are willing to look long term as problems that suspended Twin Lakes Mall still persist.

What does this mean for the market players?

  1. Shoprite – The mighty anchor: As we expect the Nigerian arm of Shoprite to continue to build the business in Nigeria with potential investors, a transfer of ownership to indigenous investors with better staying power should reduce the risk of foreign exchange volatility as they patronize indigenous products and report profit in naira. Shoprite can then focus on its South African arm without the distraction of volatile commodity-based economies like Nigeria which make it hard to operate.
  2. Other Retailers: In our Boom & Bust report, we pointed out that retailers typically start out in standalone shops, expand their footprint and gain the capacity to grow into malls. In Nigeria, the malls came much faster than the tenants could grow as strong homegrown brands are only just coming into their own. This potential sale provides an opportunity for an existing retailer to bolster its operations, not just by moving from standalone stores to formal centres but dominating the market as an indigenous retailer (This is in a case where Shoprite’s brand name is not retained).

Observing international retailers that have or are in the process of exiting Nigeria such as Woolworths, Truworths, Mr Price, they tend to stick with operations in their country of origin as they understand the market and have historically generated impressive returns. An indigenous retailer acquiring Shoprite’s property portfolio will be immense for organic growth and will likely see the retailer support the development of multiple shopping malls in the future.

thegreenafricaproject 300x250
  1. Asset Owners: Shoprite’s announcement most likely causes a major scare to mall owners due to the amount of retail space controlled and the proportionate control of income. Many asset owners found out about their plans at the same time as everyone else. Novare, Resilient Africa and Persianas Investments who control 40% of Nigeria’s formal retail and own 10 of the 25 malls that Shoprite are in, have a lot to lose if this process does not run smoothly. We expect them to be involved in this transition that will change who their largest tenant will be.

Where have we seen this before?

  • In November 2013, Woolworths announced plans to exit Nigeria noting high rents and supply chain challenges.
  • In February 2016, Truworths shut down its 2 stores in Nigeria citing stringent import regulations and rising costs as major challenges.
  • In July 2019, Woolworths shut down its 2 stores in Ghana after “a comprehensive review of its operations”.
  • In April 2019, Foschini and Edgars closed down their store in West Hills Mall, Ghana as they review their business strategy and eventually pull out of Ghana.
  • In June 2020, Mr Price announced plans to exit the Nigerian business in H1:2021 after referring to the Nigerian market as a “distraction”.
  • It is time for Indigenous retailers to dominate

Shares in Shoprite Holdings increased by over 11% on the 3rd of August, 2020 showing that investors are more confident with the decision. Nigeria’s macroeconomic realities do not seem favourable particularly for international retailers due to the foreign exchange volatility. However, local retailers such as Prince Ebaeno, Hubmart and Jara have better-staying power and are even expanding stores due to the lower exposure to foreign exchange volatility that international retailers have cited as a crucial problem.

This chain of events could establish dominance for indigenous retailers as seen in the Kenyan retail industry with the current largest retail stock in Sub-Saharan Africa. Their first formal mall opened in 1984 and their indigenous tenant pool has grown organically over time. Indigenous retailers undoubtedly need to be supported but the current immense opportunities could tell a new story for the sector 5-10 years from now.

GTBank 728 x 90

Patricia
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Currencies

Daily Parallel Market exchange rate – ₦480/$1

The US dollar stands at ₦480/US$1 in the parallel market

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Forex, NIGERIA: Daily Parallel Market, Exchange Rate

The exchange rate between the naira and the US dollar as of Thursday, August 6th 2020 stands at 480/US$1 on the parallel market. The exchange rate closed at 483/$1 on Wednesday 5th August 2020.

  • Naira:480
  • Dollar: $1
  • Date: August 6th, 2020

The exchange rate between the naira and the British pound sterling stands at  ₦587/₤1 on Thursday 6th August same as recorded on Wednesday 5th August 2020.

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  • Naira: ₦587
  • Pounds Sterling: ₤1
  • Date: August 6th, 2020

Explore Economic Research Data From Nairametrics on Nairalytics

The exchange rate between the naira and the European euro stands at ₦545/€1 on Thursday 6th August 2020. The exchange rate also closed at ₦545/€1 on Wednesday 5th August 2020.

  • Naira: ₦545
  • Euro: €1
  • Date: August 6th, 2020

Activity: USD currently sells for an average of 480/US$1 in the parallel market

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READ ALSO: The risk of buying Forex at black market rate of N460/$1 

DateCurrencyBuy(AM)Sell(AM)Buy(PM)Sell(PM)Volatility
8/6/2020Dollar470480
8/6/2020Pounds575587
8/6/2020Euro534545
8/5/2020Dollar465475473483Low
8/5/2020Pounds570580575587Low
8/5/2020Euro525540532545Low
8/4/2020Dollar470480470480Low
8/4/2020Pounds560570560570Low
8/4/2020Euro520530520530Low
8/3/2020Dollar470480470480Low
8/3/2020Pounds560570560570Low
8/3/2020Euro520530520530Low
7/31/2020Dollar470480470485High
7/31/2020Pounds570582575585Low
7/31/2020Euro500520505520Low
7/30/2020Dollar470490470485High
7/30/2020Pounds550570550580High
7/30/2020Euro495520500525High
7/29/2020Dollar468475467475Low
7/29/2020Pounds575585580590Low
7/29/2020Euro530540530545Low
7/28/2020Dollar469475467475Low
7/28/2020Pounds575593580595Low
7/28/2020Euro550560540550Low
7/27/2020Dollar465473466473Low
7/27/2020Pounds570580575583Low
7/27/2020Euro510520515530Low
7/24/2020Dollar465472464472Low
7/24/2020Pounds570580572582Low
7/24/2020Euro510520505520Low
7/23/2020Dollar460472465472Low
7/23/2020Pounds565575565580Low
7/23/2020Euro510520505520Low
7/22/2020Dollar465472465472Low
7/22/2020Pounds565575560578Low
7/22/2020Euro510525510528Low
7/21/2020Dollar461472462472Low
7/21/2020Pounds560573560575Low
7/21/2020Euro498515500520Low
7/20/2020Dollar460473462473Low
7/20/2020Pounds550570555575Low
7/20/2020Euro495505500510Low
7/17/2020Dollar462470460470Low
7/17/2020Pounds560570558570Low
7/17/2020Euro490500490500Low
7/16/2020Dollar460470460470Low
7/16/2020Pounds558565560570Low
7/16/2020Euro485495485499Low
7/15/2020Dollar455465455470Low
7/15/2020Pounds560565558570Low
7/15/2020Euro485495488498Low
7/14/2020Dollar448462455470Low
7/14/2020Pounds540550557570Low
7/14/2020Euro485495489498Low
7/13/2020Dollar450460448462Low
7/13/2020Pounds540550540550Low
7/13/2020Euro485495485495Low
7/10/2020Dollar453460458465Low
7/10/2020Pounds520525550555High
7/10/2020Euro465467510520High
7/9/2020Dollar455461455463Low
7/9/2020Pounds550558550562Low
7/9/2020Euro495504498505Low
7/8/2020Dollar455461455461Low
7/8/2020Pounds550558550558Low
7/8/2020Euro495504495504Low
7/7/2020Dollar455461455461Low
7/7/2020Pounds550558550558Low
7/7/2020Euro495502495502Low
7/6/2020Dollar455462455461Low
7/6/2020Pounds550562547555Low
7/6/2020Euro495502496502Low
7/3/2020Dollar455462454461Low
7/3/2020Pounds548560550560Low
7/3/2020Euro495505495502Low
7/2/2020Dollar455462454461Low
7/2/2020Pounds548560550560Low
7/2/2020Euro495505495502Low
7/1/2020Dollar455462455462Low
7/1/2020Pounds548560548560Low
7/1/2020Euro495505495505Low
6/30/2020Dollar452460452460Low
6/30/2020Pounds547560547560Low
6/30/2020Euro495505495505Low
6/29/2020Dollar450460450460Low
6/29/2020Pounds547560547560Low
6/29/2020Euro495505495505Low
6/26/2020Dollar452457452460Low
6/26/2020Pounds547557547560Low
6/26/2020Euro490498490502Low
6/25/2020Dollar452457450455Low
6/25/2020Pounds547557547560Low
6/25/2020Euro490498490499Low
6/24/2020Dollar450460450455Low
6/24/2020Pounds545555545555Low
6/24/2020Euro490495488498Low
6/23/2020Dollar450460445455Low
6/23/2020Pounds545555545555Low
6/23/2020Euro490495490495Low
6/22/2020Dollar450455450455Low
6/22/2020Pounds545555545555Low
6/22/2020Euro488498488498Low
6/19/2020Dollar445455445455Low
6/19/2020Pounds540553540553Low
6/19/2020Euro480490480490Low
6/18/2020Dollar445452445452Low
6/18/2020Pounds537550537550Low
6/18/2020Euro475490475490Low
6/17/2020Dollar445452445452Low
6/17/2020Pounds540553537550Low
6/17/2020Euro475490475490Low
6/16/2020Dollar440450445452Low
6/16/2020Pounds540550540553Low
6/16/2020Euro475485475490Low
6/15/2020Dollar440450440450Low
6/15/2020Pounds540550540550Low
6/15/2020Euro475485475485Low
6/12/2020Dollar440450440450Low
6/12/2020Pounds538550538550Low
6/12/2020Euro470485470485Low
6/11/2020Pounds538550538550Low
6/11/2020Dollar440450440450Low
6/11/2020Euro470485470485Low
6/10/2020Pounds538550540553Low
6/10/2020Dollar440450445452Low
6/10/2020Euro470485475490Low
6/9/2020Pounds538550540550Low
6/9/2020Dollar440450440450Low
6/9/2020Euro470485475485Low
6/8/2020Pounds540550540550Low
6/8/2020Dollar440450440450Low
6/8/2020Euro475485475485Low
6/5/2020Pounds535545535545Low
6/5/2020Dollar440450440450Low
6/5/2020Euro460472460472Low
6/4/2020Pounds530543530543Low
6/4/2020Dollar440447440447Low
6/4/2020Euro460470460470Low
6/3/2020Pounds530540530540Low
6/3/2020Dollar440445440445Low
6/3/2020Euro460470460470Low
6/2/2020Pounds535545535545Low
6/2/2020Dollar440450440450Low
6/2/2020Euro460472460472Low
6/1/2020Pounds530543530543Low
6/1/2020Dollar440447440447Low
6/1/2020Euro460470460470Low
5/29/2020Pounds530540530540Low
5/29/2020Dollar440445440445Low
5/29/2020Euro460470460470Low
5/28/2020Pounds535545535545Low
5/28/2020Dollar440450440450Low
5/28/2020Euro460472460472Low
5/27/2020Pounds530543530543Low
5/27/2020Dollar440447440447Low
5/27/2020Euro460470460470Low
5/26/2020Pounds530540530540Low
5/26/2020Dollar440445440445Low
5/26/2020Euro460470460470Low
5/25/2020Pounds535545535545Low
5/25/2020Dollar440450440450Low
5/25/2020Euro460472460472Low
5/22/2020Pounds530543530543Low
5/22/2020Dollar440447440447Low
5/22/2020Euro460470460470Low
5/21/2020Pounds530545530545Low
5/21/2020Dollar450460450460Low
5/21/2020Euro460470460470Low
5/20/2020Pounds530550530550Low
5/20/2020Dollar445460445460Low
5/20/2020Euro450470450470Low
5/19/2020Pounds528540528540Low
5/19/2020Dollar445460445460Low
5/19/2020Euro450465450465Low
5/18/2020Pounds528540528540Low
5/18/2020Dollar445460445460Low
5/18/2020Euro450465450465Low
5/15/2020Pounds530540525535Low
5/15/2020Dollar435450440455Low
5/15/2020Euro450460450465Low
5/14/2020Pounds530540530540Low
5/14/2020Dollar435450435450Low
5/14/2020Euro450460450460Low
5/13/2020Pounds525535525535Low
5/13/2020Dollar430450430450Low
5/13/2020Euro440455440455Low
5/12/2020Pounds525535525535Low
5/12/2020Dollar435450435450Low
5/12/2020Euro445455445455Low
5/11/2020Pounds510530525535Low
5/11/2020Dollar430445435445Low
5/11/2020Euro440450445455Low
5/8/2020Pounds510530510530Low
5/8/2020Dollar425437430445Low
5/8/2020Euro425440440450Low
5/7/2020Pounds510530510530Low
5/7/2020Dollar425437425437Low
5/7/2020Euro425440425440Low
5/6/2020Pounds510520510520Low
5/6/2020Dollar425437425437Low
5/6/2020Euro430450430450Low
5/5/2020Pounds510525510525Low
5/5/2020Dollar410430420430Low
5/5/2020Euro425435425435Low
5/4/2020Pounds500510510525Low
5/4/2020Dollar435450410430Low
5/4/2020Euro430440425435Low
5/1/2020Pounds500510500510Low
5/1/2020Dollar435450435450Low
5/1/2020Euro430445430445Low
4/30/2020Pounds500510500510Low
4/30/2020Dollar435450435450Low
4/30/2020Euro430445430445Low
4/29/2020Pounds500520500520Low
4/29/2020Dollar440460440460Low
4/29/2020Euro450465450465Low
4/28/2020Pounds495510500520Low
4/28/2020Dollar430450440460Low
4/28/2020Euro435450435450Low
4/27/2020Pounds495510495510Low
4/27/2020Dollar430450430450Low
4/27/2020Euro435450435450Low
4/24/2020Pounds490500490500Low
4/24/2020Dollar428450428450Low
4/24/2020Euro430440430440Low
4/23/2020Pounds490500490500Low
4/23/2020Dollar420430420430Low
4/23/2020Euro425435425435Low
4/22/2020Pounds490500490500Low
4/22/2020Dollar420425420430Low
4/22/2020Euro425435425435Low
4/21/2020Pounds490500490500Low
4/21/2020Dollar420430420430Low
4/21/2020Euro425435425435Low
4/20/2020Pounds490500490500Low
4/20/2020Dollar420430420430Low
4/20/2020Euro425435425435Low
4/17/2020Pounds490500490500Low
4/17/2020Dollar420430420430Low
4/17/2020Euro425435425435Low
4/16/2020Pounds490500490500Low
4/16/2020Dollar420430420430Low
4/16/2020Euro425435425435Low
4/15/2020Pounds490500490500Low
4/15/2020Dollar420430420430Low
4/15/2020Euro425435425435Low
4/14/2020Pounds490500490500Low
4/14/2020Dollar420430420430Low
4/14/2020Euro425435425435Low
4/13/2020Pounds490500490500Low
4/13/2020Dollar420430420430Low
4/13/2020Euro425435425435Low
4/10/2020Pounds490505490505Low
4/10/2020Dollar420430420430Low
4/10/2020Euro425435425435Low
4/9/2020Pounds490505490505Low
4/9/2020Dollar420430420430Low
4/9/2020Euro425435425435Low
4/8/2020Pounds490500490500Low
4/8/2020Dollar420430420430Low
4/8/2020Euro425435425435Low
4/7/2020Pounds490500490500Low
4/7/2020Dollar420430420430Low
4/7/2020Euro425435425435Low
4/6/2020Pounds492497492497Low
4/6/2020Dollar402412402412Low
4/6/2020Euro410415410415Low
4/3/2020Pounds485490492497Low
4/3/2020Dollar400410402412Low
4/3/2020Euro410415410415Low
4/2/2020Pounds485490485490Low
4/2/2020Dollar400410400410Low
4/2/2020Euro410415410415Low
4/1/2020Pounds480485480485Low
4/1/2020Dollar395400395400Low
4/1/2020Euro407412407412Low
3/31/2020Pounds480485480485Low
3/31/2020Dollar395400395400Low
3/31/2020Euro407412407412Low
3/30/2020Pounds480485480485Low
3/30/2020Dollar390395395400Low
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Data is collated from various black market dealers on the mainland and island of Lagos State where forex is sold. The price quoted daily on this page represents the average price obtained by our Research Team. Our prices are a guide and could be slightly different from the price you get when you eventually decide to buy or sell. This is a daily tracker and updated close of business. See table below for parallel market exchange rate dating to 2019.

Patricia
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Professional forex traders reveal their secrets to successful trading

Expert forex traders give insightful tips to becoming a successful forex dealer.

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Professional forex traders reveal their secrets to successful trading

Is forex or currency trading worth the risk? This is one of the most popular questions a lot of individuals ask when considering trading forex. They do so because currency trading is among the top lucrative jobs in finance around the world.

Data obtained from salary.com revealed that the average foreign exchange trader’s salary at the entry level in the world’s biggest economy was $76,458 as of July 27, 2020. However, the range typically falls between $42,048 and $97,964 for the rest of the world.

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Bank forex traders only make up 5% of the total number of currency traders around the world, with other retail forex speculators accounting for the remaining 95%. But even at that, these few bank traders account for 92% of all forex volumes globally.

READ MORE: Apple becomes world’s largest public listed company, valued at $1.82 trillion

So, how can one become a good Forex trader?

Michael Chukwuka, a currency trader at a leading Nigerian bank who spoke to Nairametrics, shared insight on what it takes to be a Forex dealer at a bank. He said:

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“In my years of being a banker and a forex trader, I would say it has been an interesting one for me. But what I tell a lot of people who have exclaimed ‘Oh wow!! I hear you guys make a lot of money trading,’ is that well, true there is a lot of money to be made in any business venture you go in and also so much money to be lost. This all depends on the will power to learn, understand, and have the will power to be guided properly with a goal in mind not just I want to be a Forex Trader.”

Micheal also stressed that currency trading is not for the faint-hearted. In other words, you must be emotionally strong and have proper risk management in place. He continued by saying:

“Trading in the banking space is a whole different ball game than trading for your own self.  The same techniques are used from Price Action Trading, Trend Trading Strategy, Position Trading, Forex Scalping Strategy and a whole lot more, but you first of all need to know in-depth what you are about to start and be willing to go down the tunnel because you would make losses which most times scare people and they give up. In the same vein, you can make so much profit as you see everywhere today on the internet, but mind you, the losses are real too.”

READ ALSO: Fitch Rating agency affirms AfDB’s AAA rating with stable outlook

He rounded up by advising that as a matter of importance, those who want to learn forex must have proper risk management in place. He said:

“We would keep this short, but I would advise you to learn the first basic steps to guide a forex trader on the right path. A few of these tips can be read about to get a full understanding of what it entails as it guides you along the path of being a forex trader. Knowledge is power, set aside funds, set aside time, start small, time those trades, cut losses with limit orders, be realistic about profits (This isn’t a Ponzi scheme).”

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Lukman Otunuga, a Senior Research Analyst at ForexTime (FXTM), spoke to Nairametrics from his London office, on why discipline is paramount in trading forex. He said:

“When going head-on with the largest and most liquid market in the world, one needs to have faith in their trading strategy. Discipline is critical and sticking to the game plan is the real test, especially when things do not go your way. Aim for positive risk/reward setups as trading is a numbers game. Most importantly, respect the volatile and unpredictable nature of the markets.”

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READ MORE: This simple advice could help solve your investment challenges 

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Opeoluwa Dapo-Thomas, an independent oil trader, in a phone chat interview with Nairametrics, laid emphasis on the importance of having a good strategy when trading Forex. He said:

“What makes professional traders stand out is their stance on risk management. Every trader has a strategy and a plan. Executing these plans is one thing, managing it is another kettle of fish. With proper risk management, professional traders try not to over-leverage while trading and still target decent returns.

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“For example, 30-40% returns in a year from trading out do return on most risk-free investments and portfolio benchmarks. New FX traders ignore proper risk management and target 200-300% returns which most times ends up disastrous for their accounts.”

Finally, it’s very important to note that the present world can boast of less than 5% successful Forex traders. Therefore, to be among these elite class of traders, you must have a very good strategy, proper risk management plans, be highly disciplined, have the ability to make snap judgment calls, and great knowledge of currency markets.

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Patricia
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