₦airaland Forum

According to US Commerce Secretary Penny Pritzker, the Nigerian government's foreign exchange policies over the past year are hindering the ability of US companies to do business in Nigeria.

US companies have “been quite explicit it’s a barrier to trade,” Pritzker said in an interview on Monday in Lagos.

The CBN, with Buhari’s backing, has tried stop the currency weakening amid a rout in prices of oil, by restricting imports and foreign exchange trading.

The apex bank has pegged the naira at 197-199 since March and foreign investors have sold naira bonds and stocks to avoid a devaluation they see as all but inevitable. Experts say the currency will weaken 20% to 249.5 per dollar in three months, while the black market rate fell to a record 305 this month.

The policies also hurt Nigerian manufacturers because they import about 52% of their inputs and need dollars to pay for those, she said.

“It sounds like you’re starting to see factory lay-offs,” Pritzker said. “That’s not good for Nigeria. And, of course, President Buhari is focused on inclusive growth. So, pointing out some of the contradictions between objectives and policies is part of the conversation we’ll have.”

Pritzker said she will raise the issue with President Muhammadu Buhari and Vice President Yemi Osinbajo in Abuja, the capital, on Tuesday.

Mail & Guardian

www.biafrasay.com/p/318946/buhari-is-hurting-our-businesses-in-nigeria-american-govt

Nigeria consuming nation tradition need to be stoped and must be stop. US can cry us a river, Nigerians won't care. afterall we heard your recent threat to the SA government because they stopped chicken importation

Dear Foreign and Local Investors,
Kindly forgive our president for he knoweth not what he's doing.

This person above sha

Did I just read hurting your interest ?

we are only possessing our possession

In as much as I don't too like the policy I want to American that we are just starting with them. They banned so many of our products from entering their country and convert us to consuming nation apart from China,America is is a second exporter to Nigeria and they never appreciate this. They never help us when Nigeria is at war with Boko Haram,their president don't visit Nigeria to console,they want to abandon our oil and also try as much as they can to devalue our currency,they collaborate with corrupts leader to launder money and after much invest and huge profits they will tell us they want to return looted fund.

#AmericathisisBuariUnagocry# Eh!

Very soon una go write : Obama begs Buhari to leave his wife Michelle alone! iPod brain nawa ooo

Sunky200:
Nigeria consuming nation tradition need to be stoped and must be stop. US can cry us a river, Nigerians won't care. afterall we heard your recent threat to the SA government because they stopped chicken importation

Gbam.
If US want favorable polilies, they shud stop exporting oil and resume buying our oil. They shud take neccesary steps to boost oil prices reasonably.