Is There A Solution To Nigeria’s Forex Issue?
The Central Bank of Nigeria’s argument for the restriction of forex is said to be valid by analysts and financial experts. With external reserves below 28 billion US dollars, and a monthly import bill that amounted to approximately 3 billion US dollars in 2015, the country’s external reserves could be at risk of depletion within 9 months, given the drop in oil revenues. Still, the business environment continues to call for a loosening of FX policies, given the difficulties faced in sourcing forex for the importation of essential products that Nigerians rely on. What is the solution to the forex issue? Winston Osuchukwu, Managing Director at First Ally Asset Management joins CNBC Africa for more. Click here to watch the video