Nigeria bans forex for food imports but analysts worried

Nigeria’s President Muhammadu Buhari has told the central bank to stop providing funding for food imports, his spokesman said in a statement on Tuesday, a move that has raised questions about the bank’s independence.

Nigeria, which has Africa’s biggest economy, is the continent’s top oil producer and relies on crude sales for around 90% of it foreign exchange. Low oil prices led to a recession in 2016 from which the country emerged two years ago.

Since Buhari first took office in 2015, Nigeria…
READ MORE : http://www.africanews.com/2019/08/14/nigeria-bans-forex-for-food-imports-but-analysts-worried

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