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Dollar Ban for Wheat Purchases May Add to Nigeria Food Scarcity Bloomberg 2 hrs ago Nigeria’s plans to expand restrictions on dollar access for imports to now also include sugar and wheat could worsen food insecurity and fuel inflation in Africa’s most-populous nation. The country’s central bank said last week it plans to cut off dollar supply to traders who import these two food items to boost local production. That will take the list of goods restricted from foreign-exchange, which include rice and dairy to fertilizer and Indian incense, to almost 50. The ban will force manufacturers using sugar and wheat to the unofficial black market where the greenback is at least 19% more expensive compared to a closely managed official rate. While the local unit traded at 409.35 naira to the dollar as of 5:27 p.m. in the official interbank market on Wednesday, it was quoted at 486 naira to dollar in the black market. ....
Rising Food Costs Add to Misery of Nigeria’s High Unemployment Bloomberg 2 hrs ago (Bloomberg) Nigerian merchant Feyintola Bolaji, struggling with stagnant earnings and dwindling sales, is now being squeezed by the ever increasing prices demanded by her food suppliers, leading her to cut down on the amount she can put on her own family’s table. Bolaji’s belt tightening is being shared by millions across Africa’s most populous nation. Not long after Nigeria’s statistics agency revealed that one in three people in the continent’s largest economy were unemployed, on Thursday it announced that food inflation has accelerated at the highest pace in 15 years, compounding the misery of many households. ....
Nigeria Wastes Oil Rally as Policy Muddle Deters Investors Bloomberg 3/10/2021 Tope Alake (Bloomberg) Nigeria isn’t making it easier for foreign investors to buy into its high-yielding assets. A series of policy missteps in recent weeks highlighted some of the uncertainties investors face, and raised concerns that Africa’s biggest economy is missing an opportunity created by rising oil prices to attract much-needed foreign currency. First, the country allowed fuel subsidies that have been a drain on state coffers in the past to creep back by allowing pump prices to stay low as the price of crude rose. Then the central bank devalued the naira, without providing any guidance on its currency-policy goals. And last week, the monetary authority u-turned on a decision to bar foreigners from investing in its short-term bills, leaving them wondering whether it’s worth the risk of putting money into an economy from which it’s notoriously ....
Nigeria Wastes Oil Rally as Policy Muddle Deters Investors Bloomberg 3/10/2021 Tope Alake (Bloomberg) Nigeria isn’t making it easier for foreign investors to buy into its high-yielding assets. A series of policy missteps in recent weeks highlighted some of the uncertainties investors face, and raised concerns that Africa’s biggest economy is missing an opportunity created by rising oil prices to attract much-needed foreign currency. First, the country allowed fuel subsidies that have been a drain on state coffers in the past to creep back by allowing pump prices to stay low as the price of crude rose. Then the central bank devalued the naira, without providing any guidance on its currency-policy goals. And last week, the monetary authority u-turned on a decision to bar foreigners from investing in its short-term bills, leaving them wondering whether it’s worth the risk of putting money into an economy from which it’s notoriously ....