Currency risk threatens projects, deeper local markets needed
- 08 Jul 2016
The much-anticipated partial float of the naira, introduced from 20 June, reflected a concession by President Muhammadu Buhari, who had resisted devaluation as he did during his first stint as president in the 1980s. Buhari was forced by deteriorating economic conditions and declining confidence to listen to markets. African Energy hears that concerns over the naira and other issues have led to the World Bank Group, a key guarantor of the liberalised generation and distribution system, making quiet threats to stop guarantees.
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