-Finance director says multiple rates mean unequal access to FX
-Unilever, Emirates among businesses affected by dollar squeeze.
Cadbury Nigeria Plc says a unified exchange rate in Nigeria is needed to lower the cost of raw materials and level the playing field for companies operating in Africa’s largest economy.
The Lagos-based chocolate maker’s finance chief said the company has been getting only a fraction of the foreign currency it needs for imports like milk and sugar at the official naira-dollar exchange rate set by the Central Bank of Nigeria, forcing it to turn to more expensive sources of hard currency. That creates a mismatch because local cocoa farmers demand payment for the commodity at prices based on the black-market rate, which is 60% higher.
-Bloomberg
