BANGKOK: Thailand has teamed up with the European Union, the US, Norway and Japan to pressure Nigeria to lift its foreign currency restrictions on 41 imports, saying Thailand’s exports have felt the pinch from the move.
During a recent meeting of the Council for Trade in Goods under the World Trade Organization, Thailand raised the issue in discussions with some WTO members including the EU, Norway, the US and Japan. All sides agreed that the restrictions do not comply with the commitments given by Nigeria to the WTO, she said.
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The restrictions have also started hurting countries exporting to Nigeria, said Duangporn. Nigerian authorities say the move was further intended to sustain foreign exchange market stability, ensure the efficient use of foreign exchange and ensure that optimum benefits are derived from goods and services imported into the country. The items include palm products and vegetable oils, vegetables and processed vegetable products among other goods.
