The cost of acquiring goods and services has escalated due to high exchange rates. Businesses with high foreign exchange exposure will face challenges in meeting foreign obligations to suppliers and partners. Crude oil prices in international markets have already fallen $10 below the national budgeted price of $37 per barrel placing greater pressure on the government’s oil revenue and foreign reserves this will in turn further weaken the naira and precipitating in double-digit inflation. It is important to note that this contraction of the economy is not unique to Nigeria.
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- Analysis on Profitable Customer Behaviours for Nigerian Retail Banks in 2015
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- What Nigeria’s Bank Customers Want: An Assessment of Retail and SME Banking Preferences (2015)