Russia vs Ukraine: NESG urges CBN to remove capital controls on forex

The Nigerian Economic Summit Group (NESG) has warned of the implications of the Russian-Ukraine war, citing that tensions have triggered global supply chain disruptions, largely affecting countries including Nigeria exposed to trade with the warring nations.

The NESG disclosed this in a report titled “Implications of Russia-Ukraine War: Risks and Opportunities for Nigeria” on Sunday, according to the News Agency of Nigeria.

They also urged FG to take advantage of the benefits of the African Continental Free Trade Area agreement (AfCFTA) and ensure effective border control to soften the impact of the fallout of the Russian invasion of Ukraine.

The group stated that the Russian invasion of Ukraine is expected to reduce Nigeria’s trade volume with both Russia and Ukraine, citing that supply chain disruptions caused by the war have negatively affected Nigeria.