Tag Archives: Foreign Exchange shortage

Guinness Nigeria gets lifeline loan to bridge FX shortages

Guinness Nigeria Plc, said on Wednesday that it had received a $95m loan from parent company Diageo to help bridge dollar shortages caused by a decline in crude oil prices.

The company’s chief financial officer, Ronald Plumridge disclosed this during an analyst call. He said the company’s dollar needs were far much bigger than they could source locally or through exports, so Diageo stepped in with the loan.

FX shortages hampering business operations, Nestle Nigeria CEO says

Nestle Nigeria Plc said on Wednesday that a shortage of foreign exchange in the country was hampering business operations and ability to import equipment.

While speaking at an event organized by the Nigerian Stock Exchange and Bloomberg in Lagos, Mr. Dharnesh Gordhon, Chief Executive Officer of Nestle Nigeria, said:

SABMiller to close its South Sudan operation due to lack of foreign exchange

SABMiller announced on Friday that it will close its South Sudanese operation in March due to shortage of foreign exchange to buy raw materials.

Traders and ordinary South Sudanese have struggled to find dollars to pay for basic imports and other essentials as a conflict that started in December 2013 has taking its toll, disrupting oil production as world oil prices fall.