Nigeria goes full schizophrenic on massive $8.1bn MTN claim
The way that Nigeria’s authorities are handling the MTN claim is starting to look more like a haggle in a Lagos marketplace.
The way that Nigeria’s authorities are handling the MTN claim is starting to look more like a haggle in a Lagos marketplace.
The capital controls in Nigeria have sent investors fleeing and the black-market exchange rate has plummeted to 350 as the dollar scarcity has worsened.
Muhammadu Buhari took office as Nigeria’s president a year ago on a wave of optimism, now Africa’s biggest economy is on its knees.
The Nigerian Government’s rather transparent efforts to extract billions of dollars from MTN has also sent a strong signal.
Nigerian central bank governor Godwin Emefiele kept interest rates on hold yesterday and many feel he missed a trick by resisting calls to weaken the currency.