Diageo Nigeria Says It Can’t Get Dollars Despite Foreign-Exchange Reforms
- Company is trying to source local products and boost exports
- Huge finance costs led firm to 18 billion-naira loss in 2023
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Diageo Plc’s Nigeria unit said it’s struggling to obtain dollars to pay back foreign-currency loans, despite the government’s liberalization of the foreign-exchange market to help to revive Africa’s biggest economy.
Nigeria’s new government in June allowed the naira to trade freely to attract inflows and boost dollar supply. Although the liberalization has led the local currency to depreciate around 40% against the dollar, supply of the greenback is still limited relative to demand.