A picture is emerging of the roots of the foreign exchange struggle faced by Nigeria’s businesses and how it could be a lost battle if the Central Bank does not act quickly. According to Bloomberg, Nigeria’s foreign-currency shortage is squeezing life out of the economy with Banks no longer honoring card payments and foreign investors unable get their money out of Nigeria, a situation compounded by the inability of manufacturers to import vital raw materials as crumbling pushes Africa’s largest economy towards a second contraction in four years. The situation…
Read MoreWhy Nigeria’s gathering Forex storm could be end game for businesses
