Forex pressures ease for MTN in Nigeria

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Forex pressures ease for MTN in Nigeria
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Nigerian companies are paying overdue dollar obligations after recent reforms led to increased liquidity in the forex market.

paying overdue dollar obligations after recent central bank reforms led to increased liquidity in the West African nation’s foreign exchange market., BUA Foods and Cadbury Schweppes Overseas’ Nigeria unit, some of the biggest firms in Africa’s most populous nation, have reported that they are now able to access dollars to meet their foreign currency obligations, a reversal of a situation where the scarcity of greenbacks left them unable to repatriate profits or pay foreign suppliers.

The increased dollar liquidity is providing a respite for companies to pay down debts and cushion the effect of the devaluation “Portfolio flows have responded positively to reforms with increased FX turnover,” Tatonga Rusike, sub-Saharan Africa economist at Bank of America, said in an investment note. “The average daily FX turnover has more than doubled from 2023 lows.”

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