NewStats: 3,263,938 , 8,181,977 topics. Date: Sunday, 08 June 2025 at 09:06 PM 2e6370

Nigerian companies have started to settle their overdue dollar obligations, Bloomberg reports.

This follows recent reforms implemented by the Central Bank of Nigeria, which have resulted in increased liquidity within the Nigerian foreign exchange market.

According to Bloomberg’s findings, major Nigerian companies such as MTN Nigeria Communications Plc, BUA Foods Plc, and Cadbury Schweppes Overseas Limited’s Nigerian arm have confirmed their ability to procure dollars for fulfilling their foreign currency obligations.

This, according to the report, marks a notable shift from the previous scenario, where the scarcity of US dollars had hindered their ability to repatriate profits or settle payments to foreign suppliers.

Bloomberg reports that dollar liquidity surged by 90% to $160.8 million on Tuesday compared to the previous day, as noted in an emailed statement from Chapel Hill Denham on Wednesday.

The apex bank is also selling dollars to money traders to boost distribution to retail s.

Despite the increased liquidity, the naira depreciated by 1.2% to 1,416 against the dollar on Tuesday.

MTN Nigeria, the country’s largest mobile operator, capitalised on the enhanced liquidity within the foreign exchange market.

Chief Financial Officer, Modupe Kadiri, revealed during an investors conference call last week that MTN Nigeria managed to decrease its letters of credit obligations by 41.6%, reducing them from $416.6 million in December to $243.4 million.

Taking advantage of the enhanced dollar liquidity, BUA Foods, Nigeria’s largest food and beverage company, reduced its debts by approximately 6% in the first quarter of this year, according to Managing Director Ayodele Abioye.

He expressed optimism about the future, stating, “Dollar availability will no doubt have a positive impact going forward and we are optimistic of better performance for half-year 2024,” he said.


Likewise, Cadbury Nigeria has been able to access all its dollar needs from the official market since the start of the year, Finance Director Ogaga Ologe told Bloomberg by phone.

“Our local-currency cash has dropped because of us being able to buy foreign exchange in advance for the materials we need,” he said.

“The increased dollar liquidity is providing a respite for companies to pay down debts and cushion the effect of the devaluation,” Adetilewa Adebajo, economist and chief executive at Lagos-based CFG Advisory, said in a phone conversation with Bloomberg.


Adebajo emphasised that while liquidity has improved, it must be sustained over the next year to facilitate the desired turnaround for companies.

“Authorities need to make sure real rates are positive, that the interest rate is matching inflation and fiscal responsibility in of government spending is in check,” he said.

Bloomberg highlights that the Central Bank of Nigeria has implemented several measures since the start of the year to enhance liquidity within the economy.

These measures include increasing its benchmark rate by 600 basis points to incentivise capital inflows and removing the currency’s peg, allowing the market to determine the exchange rate of the naira.

The financial news publication said these actions have been taken in response to years of unconventional currency management practices which have discouraged investors and resulted in a scarcity of US dollars.

“Portfolio flows have responded positively to reforms with increased FX turnover,” Tatonga Rusike, sub-Saharan Africa economist at Bank of America Corp., said in an investment note.

“The average daily FX turnover has more than doubled from 2023 lows,” Rusike stated.

https://punchng.com/mtn-bua-foods-cadbury-clear-overseas-debts-as-dollar-supply-improves/?utm_source=telegram&utm_medium=social

Another propaganda yangun yangun for the month of May

Bat idiots

Sing praises

They've repaid their foreign debts........unlike Nigeria

Good

helinues:
Good

I believe in Asiwaju's leadership but make this things show for street

alanto:
I believe in Asiwaju's leadership but make this things show for street

You're falling for this propaganda ?

Oh I forgot, you're a Tinubu er and a hater of Nigeria progress

No sane person suppose to believe in asiwaju leadership of renewed shege pro-max

alanto:
I believe in Asiwaju's leadership but make this things show for street

Another propaganda from online miscreants.

LagosFirstSon:

You're falling for this propaganda ?

Oh I forgot, you're a Tinubu er and a hater of Nigeria progress

So Bloomberg are helping Tinubu to distribute propaganda now?

Last time I checked, Cadbury products are fucking expensive in the market with prices increasing almost on daily basis. Till the effect of this reduce the price, i will not believe.

Peter Obi will be quiet and waiting for the next news before he starts spewing nonsense.

Urheaster:
No sane person suppose to believe in asiwaju leadership of renewed shege pro-max

Ok what do you call someone that believe and peter Obi with no track record ?

LegendHero:


So Bloomberg are helping Tinubu to distribute propaganda now?

I can't even quote the useless person

Paraman:
Nigerian companies have started to settle their overdue dollar obligations, Bloomberg reports.


MTN Nigeria, the country’s largest mobile operator, capitalised on the enhanced liquidity within the foreign exchange market.

Chief Financial Officer, Modupe Kadiri, revealed during an investors conference call last week that MTN Nigeria managed to decrease its letters of credit obligations by 41.6%, reducing them from $416.6 million in December to $243.4 million.

Taking advantage of the enhanced dollar liquidity, BUA Foods, Nigeria’s largest food and beverage company, reduced its debts by approximately 6% in the first quarter of this year, according to Managing Director Ayodele Abioye.

He expressed optimism about the future, stating, “Dollar availability will no doubt have a positive impact going forward and we are optimistic of better performance for half-year 2024,” he said.


Likewise, Cadbury Nigeria has been able to access all its dollar needs from the official market since the start of the year, Finance Director Ogaga Ologe told Bloomberg by phone.

“Our local-currency cash has dropped because of us being able to buy foreign exchange in advance for the materials we need,” he said.




https://punchng.com/mtn-bua-foods-cadbury-clear-overseas-debts-as-dollar-supply-improves/?utm_source=telegram&utm_medium=social

Jargaban is leading Nigeria to the promise land

lol…slow and steady

Lol. Another story

w

new day new story

Oh please make we hear word with Tinubu presidency. Yoruba and Hausa have destroyed Nigeria. What's they have now is useless propaganda

Ok now

Noted.

Have you guys eaten today?
I hope you're kids have eaten, too?

Na the common man question be that.
Dey play!

Jagaban should be studied in university as a cautionary tale of a failure posing as a messiah and deceiving people while getting rich

Paraman:


https://punchng.com/mtn-bua-foods-cadbury-clear-overseas-debts-as-dollar-supply-improves/?utm_source=telegram&utm_medium=social

settle the debt in naira

Paraman:


https://punchng.com/mtn-bua-foods-cadbury-clear-overseas-debts-as-dollar-supply-improves/?utm_source=telegram&utm_medium=social

they should settle the debt in naira

AngryMrMAN:
Another propaganda yangun yangun for the month of May

Bat idiots

Sing praises

Another sad news for the brainwashed shallow low IQ IPOB Obi-goat cannibals.

Take some of them BITTER SOUL OBI drink to calm your mind...

Expected News: Peter Obi reacts, blames Tinubu's government for improved dollar liquidity and accuses MTN, BUA and Cadbury of settling foreign debt obligations, asking them to leave the money in Nigeria as BVAS (Basic Value Acceptable to Society.

...

Government of Propaganda.....



Una don start again....


So una follow all the companies dey run their businesses to know that they are paying their debt....


BATs are worse than RATs....

All nah wash