Tuesday , 28 February 2017
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Tag Archives: recession

Nigerian central bank effectively devalues currency in president’s absence

Nigeria’s central bank has effectively devalued its currency for private individuals by allowing dollars to be bought at almost 20% above the normal rate for travel, some school fees, and medical bills. The move has been interpreted as the Central Bank of Nigeria (CBN) testing the water for the possibility of a wider-scale devaluation of the naira. The announcement covers …

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Nigeria’s struggling textile industry

Talba Goni has been trying, without luck, to secure government funds or loans to restart a textile plant in Kaduna, the former industrial heartland in northern Nigeria, that he was running until it closed almost 15 years ago. “We were not able to meet up with those conditions to access the funding. … The bureaucracy, you have to give this, you …

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