Nigeria’s dollar woes leave record N452 billion forex loss across big consumer goods companies20 Oct 2023—Premium Times Nigeria
Not showing clear signs of vanishing soon, Nigeria’s dollar drought has become more complicated after Africa’s largest economy allowed its currency to weaken by about 40 per cent in June in a push seeking convergence of the official and parallel market exchange rates of the dollar to the naira.
While the currency exchange policy spelt doom for many import-dependent manufacturers in the first half of the year, even showing some the exit door, lenders holding assets in foreign currency have...