Impact of Currency Localisation Policies on the Operations of Multinational Fast Food Chains in Nigeria

This study assesses the impact of currency localisation and foreign exchange restriction policies on the operational strategies of multinational fast food chains operating in Nigeria. Following the Central Bank of Nigeria's periodic foreign exchange management interventions, multinational food service companies have faced significant challenges in repatriating profits, procuring imported food inputs, and pricing products competitively for Nigerian consumers. The study focuses on multinational fast food brands with a notable presence in Nigerian urban centres including Lagos, Abuja, and Port Harcourt. A survey research design is adopted, collecting primary data through structured questionnaires administered to 80 operations managers, procurement officers, and franchise owners associated with selected multinational fast food companies. Descriptive statistics and content analysis of company financial disclosures are used for data analysis. The theoretical framework draws on the internalisation theory of the multinational firm and the political risk management framework. The study examines how selected companies have adapted their sourcing strategies by substituting locally available inputs for imported ingredients, adjusted pricing models, and restructured profit repatriation timelines in response to foreign exchange constraints. Findings are expected to reveal that currency restrictions have accelerated local sourcing initiatives and prompted operational restructuring in ways that may have long-term positive effects on domestic agricultural supply chains. Recommendations are offered to regulators and multinational operators on developing stable foreign exchange access mechanisms that support continued investment. Keywords: currency policy, multinational firms, fast food, Nigeria, foreign exchange