GTR spoke to Charles Weller, managing director, Africa trade at Barclays Africa, on the sidelines of the GTR Africa Trade and Infrastructure Conference in London in October, about the Nigerian central bank’s recent foreign exchange control measures, and how they are affecting the banking and trade industries in the country.

Following the exodus of US dollars from Nigeria, the central bank has implemented measures preventing companies from applying to the bank for foreign exchange to finance the import of 43 items, including certain textiles and foodstuff.

As a result, Weller explains that the Nigerian banking sector is “hesitant to issue letters of credit”, which is leading to reduced trade flows in the short term.