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Nigeria Companies to Pay Dollar Debts in Naira on Forex Shortage

  • Firms have until end of March to settle debts in naira
  • Nigeria has a chronic shortage of dollars for imports, taxes

Nigeria has given a concession to companies with outstanding foreign currency tax liabilities to pay in naira because they can’t get hold of dollars.

The Federal Inland Revenue Service has given a one-month window to the debtors to settle in the local currency, the Abuja-based agency said in emailed statement on Tuesday. The concession ends at the end of March, it said.