Sat. May 30th, 2020

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Nigeria’s Bank Governor Makes a Tough Call

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In a bid to curb the demand for foreign exchange on the importation of hygiene products into Nigeria, theCentral Bank of Nigeria  plans to include hand sanitizers amongst commodities that are not eligible for foreign exchange from its official forex window. In Emifele’s response, buyers pay with Naira (the official currency of Nigeria) when purchasing the hygiene products in various retail stores, so, therefore, it is not justifiable to use dollars in acquiring the items from China. Considering the fact that Nigerian pharmaceutical companies are capable of producing quality hand sanitizers and other hygiene products, regardless of the setbacks in the manufacturing sector.

SOURCE: VENTURES AFRICA

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