Foreign investors may choose to hold off on investing in Nigeria due to the ongoing forex crisis, according to a new report by leading research and investment company, Comercio Partners. According to the report, the prevailing forex backlog, coupled with external challenges amidst global economic uncertainties, casts a shadow of uncertainty over Nigeria’s economic horizon. It warned that as the backlog intensifies, Nigeria risks heightened pressure on the exchange rate. “Investors, both domestic and foreign, watch intently, braced for the next chapter in Nigeria’s economic odyssey,” the report read further. Monday’s official rate became the worst official exchange rate since the CBN floated the national currency in June 2023.

Source: Punch February 14, 2024 06:52 UTC