Sinosure Company reportedly blacklists Nigeria due to Naira instability

The growing pullout of investors in Nigeria has been blamed on the unorthodox monetary policy which has resulted in dollar shortage in the country.

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Company reportedly blacklists Nigeria due to Naira instability play

Company reportedly blacklists Nigeria due to Naira instability

(Upcounsell)
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According to Asoko Insider, Sinosure, China Export and Credit Insurance Corporation has recently blacklisted Nigeria on business due to the instability of the foreign exchange market in the country.

The growing pullout of investors in Nigeria has been blamed on the unorthodox monetary policy which has resulted in dollar shortage in the country.

Sinosure has informed its customers that they won’t accept to do business with Nigeria for now, given the exchange shortage issues,” a source told Asoko Insider

Many Chinese suppliers like Shandong (big MSG co) were working with them and will have to find another export insurance company.”

As of this morning (February 16, 2016) the Naira has devalued against dollar at N350 to $1, and reports have it that Naira is being hoarded with the believe that it will fall.

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