AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Price imported goods on what it will cost to replace them, not what you paid last time. Work out the full landed cost in naira, add a buffer for exchange rate movement until you restock, keep quotes valid for a short period, and review prices on a fixed schedule and whenever your replacement cost changes by more than a set amount.
Why shops lose money on a rising dollar
A trader buys stock when the dollar costs one amount, sells it over two months, and then finds the money from those sales buys less stock than before. On paper, every item made a profit. In reality, the business shrank, because the naira it earned no longer covers replacement. This is the most common way small importers in Nigeria lose capital without noticing. The fix is to price for the next order, not the last one.
Step 1: know your landed cost
Landed cost is everything it takes to get one unit onto your shelf, in naira:
- Price of the goods from the supplier, including any deposit.
- Freight and insurance, depending on whether you bought FOB or CIF; see FOB vs CIF.
- Customs duty and levies assessed on the goods.
- Port, terminal and clearing agent charges.
- Haulage to your warehouse or shop.
- Bank charges and the exchange rate you actually paid, including any margin; see hidden FX margins.
Divide the total by the number of sellable units, after allowing for breakages or items you cannot sell.
Step 2: price on replacement cost
Replacement cost is what the same unit would cost to land today. Get a current supplier quote, use the rate your bank or provider would give you now, and recalculate. If replacement cost is higher than landed cost, price on replacement cost. If it is lower, you can choose to pass on some of the saving to win customers, but do not cut below what you need to restock.
Step 3: add a buffer for the time until you restock
Between selling an item and paying for the next order, the rate can move again. A buffer is a small extra percentage that covers this gap. The longer your stock cycle and the more the rate has moved recently, the larger the buffer should be. Keep it visible in your price sheet so you can remove it when conditions calm.
A worked example
Example only. Musa imports electric fans. His last shipment of 200 fans had these costs:
| Cost item | Amount |
|---|---|
| Goods (US$6,000 at ₦1,500 per dollar) | ₦9,000,000 |
| Freight and insurance | ₦1,350,000 |
| Duty, levies and port charges | ₦1,800,000 |
| Clearing and haulage | ₦450,000 |
| Bank charges | ₦100,000 |
| Total landed cost | ₦12,700,000 |
| Per fan (190 sellable units) | ₦66,842 |
Today, the supplier's price is unchanged in dollars, but his bank's example rate is ₦1,650 per dollar. Recalculating the goods line at the new rate (₦9,900,000) and leaving other costs the same, replacement cost per fan becomes about ₦71,579.
- Replacement cost: ₦71,579.
- Buffer of 4% for the six weeks to his next order: about ₦2,863.
- Margin of 25% on the buffered cost: (₦71,579 + ₦2,863) × 1.25 ≈ ₦93,053.
- Shelf price, rounded: ₦93,000.
Had he priced on his old landed cost with the same margin, the shelf price would have been about ₦83,550, and every fan sold would have brought in less than he needs to restock.
Rules that keep prices current
- Short quote validity. State that quotes for bulk buyers are valid for a set number of days.
- Fixed review day. Review prices of imported lines every week or fortnight.
- Trigger review. Review at once if replacement cost moves by more than a percentage you choose.
- Separate fast and slow lines. Slow-moving stock needs a bigger buffer, because it takes longer to turn into cash.
- Deposits on special orders. Take a naira deposit before you order custom stock for a customer.
Keep the price sheet simple
A spreadsheet with one row per product is enough: landed cost, current replacement cost, buffer, margin, shelf price and the date of the last review. Update the replacement column whenever you get a new supplier quote or the rate you can get changes, and let the shelf price follow.
Talking to customers about price changes
Remember too that the buffer should come down when the rate settles. Customers notice when prices rise quickly and fall slowly, and competitors who reprice faster will take sales from you. Treat the buffer as a temporary line in your price sheet with a date to review it, not as permanent extra margin.
Regular buyers accept changes more easily when they understand them. Tell them how often you review, give notice before a large rise and, where you can, offer to hold a price for a confirmed order paid now. Some sellers keep a few entry-level lines with a smaller margin so they stay competitive while protecting margin elsewhere.
Where Pryme fits
If you also earn in foreign currency, a Pryme Business Account can hold USD alongside naira, so you can keep part of your proceeds in dollars towards the next order and convert only when you choose. Swap shows the rate first and the fee on its own line, which makes it easier to know your true replacement cost. The Finance agent can prepare a price review sheet from your latest costs for a person to approve.
Questions people ask
How do I price imported goods in Nigeria when the dollar rises?
Price on replacement cost, meaning what it costs to land the same item today, add a small buffer for the time until you restock, then add your margin.
What is landed cost?
The full cost of getting one unit to your shelf: goods, freight, insurance, duty, port and clearing charges, haulage and bank charges, divided by sellable units.
How often should I change prices on imported stock?
Review on a fixed schedule, such as weekly, and immediately if replacement cost moves by more than a set percentage.
Should I price in dollars to protect my margin?
For domestic sales, price in naira. Protect margin with replacement-cost pricing, buffers and short quote validity.
Sources
- The legality of charging for services in foreign currency in Nigeria (Mondaq) · accessed Oct 2026
- ICC Academy: FCA and FOB Incoterms 2020 explained · accessed Oct 2026
- ICC Academy: CIF and CIP Incoterms 2020 explained · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.