Unilever Forced to Buy Dollars at 9% Above Market in Nigeria
- Maker of Lux soaps bought dollars at about 450 naira
- Nigeria’s foreign reserves have fallen 5% to $33.6 billion
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Unilever Nigeria Plc is being compelled to buy dollars above the market rate because rationing of foreign-exchange by the West African nation’s central bank has caused a shortage of the U.S. currency.
The local unit of Unilever Plc bought the greenback from money changers and lenders at between 440 to 450 naira on an average in the first-half of the year, Adesola Sotande-Peters, finance director at the company, said at an investor conference call in Lagos. That compares with 410.72 naira to a dollar at 7.28 a.m. in Lagos on Friday.