TVC E, BUSINESS – The current monetary policies in Nigeria are beginning to take a toll on foreign investment, including businesses being operated by other African nationals.
South African retailer, Truworths, says it is pulling out of its Nigerian business due to import restrictions.
There was also a report on Thursday that Ghana might have placed a ban on certain Nigeria-made goods from coming into its domain, following the decision of the Central Bank of Nigeria to restrict 41 items from accessing foreign exchange at its official window.
The Chief Executive Officer of Truworths, Michael Mark says the firm was unable to operate the stores properly because it could not send merchandise to the stores as a result of regulation preventing it
He said Truworths, which owns and operates two stores in the country, was unable to fill its shelves.
In an attempt to boost local manufacturing and prop up the ailing naira, the CBN had effectively banned the importation of almost 700 goods, ranging from rice to toothpicks, bread and soap
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