Saturday, January 16

Tag: NigeriaF

Nigeria Running Out Of FOREX – John Campbell, Ex-US Ambassador
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Nigeria Running Out Of FOREX – John Campbell, Ex-US Ambassador

A former United States Ambassador to Nigeria, John Campbell, says Nigeria is experiencing a shortage of Foreign Exchange due to the fall in international oil prices. He said the dip in oil prices occasioned by the coronavirus pandemic has had a negative effect on the Federal Government’s revenue and its access to US dollars through oil exports. This was contained in a piece by Campbell published on the website of the Council on Foreign Relations, a US nonprofit thinktank. The PUNCH reports that oil closed at about $60 per barrel in December 2019 but has since plunged to about $25 per barrel in May 2020. The former American envoy to Nigeria said, “Driven in part by the need for dollars, the government devalued the Nigerian currency, the naira, to 360 to the U.S. dollar, down...