Founder and Chief Executive Officer of Clea, Sheriff Adedokun, discusses developments in Nigeria’s foreign exchange market following reforms introduced by the Central Bank of Nigeria in this interview with FELIX OLOYEDE
African firms import goods valued at over $1tn annually, but access to foreign currency remains a major challenge for many. How did we get here?
It built up over a long time, and most of it comes down to the fact that the demand for dollars in Nigeria has run well ahead of what the official market could supply. We earn most of our hard currency from oil, so when crude prices move or production dips, the dollars coming in fall, but the appetite to import stays exactly where it is.
For a long stretch, we also had several official exchange rate windows running at once. If you had access to the cheaper window, you could turn around and
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