Nigerian President Muhammadu Buhari said the foreign-exchange squeeze being faced by Africa’s biggest economy is a “temporary phase” to be overcome when structural problems are addressed.
“It grieves me that so many manufacturing industries in the country today are groaning and frustrated because of lack of foreign exchange to import raw materials and spare parts,” Buhari said Monday at the start of a meeting on the economy in Abuja, the capital. “I believe it’s a temporary phase which we shall try to overcome.”
Nigeria, which depends on crude exports for more than 90 percent of foreign income and two-thirds of government revenue, has faced dollar shortages since oil prices tumbled from their 2014 peak. The central bank denied foreign-currency access to a range of goods and kept the naira at 199 to a dollar for more than a year, using currency controls.