Unilever Says It's `Insane' If Nigeria Currency Policy Stays
- Clarity on the `right exchange rate' would help businesses
- Nestle's local unit is approaching more banks to source forex
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Nigeria would be misguided to persist with currency policies that have led to a record difference between the naira’s official and black-market rates, according to the local head of Unilever Plc.
“It would be very insane to continue like this for months and months,” Unilever’s Africa President Bruno Witvoet said in an interview on Monday at a conference in Abidjan, Ivory Coast’s commercial capital. Clarity on what the “right rate” is would help businesses “make more sensible decisions,” he said.