Treasury & FX in Nigeria
7 May 2019
- Bureaucracy – continues to be a problem & cash repatriation is particularly complex.
- Hedging is expensive
- Although the FX market has improved recently- it is still hard to get the allocation you need.
- Many companies are using a number of local banks (mostly for collections) and a couple of international banks
- It is possible to sweep from local bank accounts into main header accounts – but the system isn’t always reliable
- E Bills (Official name is Ebillspay, it leverages the NIBSS Instant Payment (NIP) platform) & NIBBS (Nigeria Interbank Settlement System, actually the Fund sweeping Service provided by NIBSS) are an option, but still has implementation glitches and it doesn’t work for all banks
- The requirement to provide biometric data for the opening of bank accounts – in person – at Nigerian embassies is highly problematic for some companies
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