Nigeria is between a rock and hard place, and every day it is getting more and more difficult to leave it — literally. The country is grappling with two full-on rebellions — one by Boko Haram in the north and the other by armed gangs in the oil-rich Niger Delta — as well as persistently low crude oil prices that have stripped away revenue from an economy significantly dependent on them. In June, the government decided to deregulate the naira, Nigeria's currency, allowing it to devalue. Since then, the flow of dollars into the country has drastically decreased, as traders and companies hold on to them, fearing an unstable naira. The currency has lost more than half of its value against the dollar.
SOURCE
No comments:
Post a Comment