Naira Volatility Spurs Nigerian Firms to Seek Exchange Rate Band
- Producers unable to access dollars despite forex reforms
- Nigeria is implementing reforms to boost inflows, economy
Taxi vans parked near commercial office buildings in the Central Business District of Lagos.
Photographer: Benson Ibeabuchi/BloombergThis article is for subscribers only.
Nigerian producers want the central bank to set a trading band for naira to help stem weakness in the currency and reduce the impact on manufacturing costs.
The Manufacturers Association of Nigeria, a industry body, said limited dollar liquidity and high exchange rate costs had weakened industrial production since currency reforms were announced in June.