Nigeria losing FX battle as banks limit dollar spending abroad

CBN Naira 4 Dollar Policy: Laudable but inadequate

Nigerians in diaspora can contribute over $100 billion from food and remittances every year to Nigeria

Nigerian banks limiting how much dollars customers can spend abroad is the latest sign of Nigeria’s worsening foreign exchange crisis. The banks are making moves last seen during the dark days of 2016 when an acute dollar scarcity hobbled the balance sheet of lenders and paved way for a big naira

```

Members Only

Login or create an account to continue

This article is available to registered BusinessDay readers. Please login if you already have an account, or create a new account to continue reading.

New to BusinessDay? Register now and start reading.

```