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Nigeria Dollar Clampdown Risks Fueling Illegal Currency Market
Nigeria’s all-out effort to defend its currency by targeting importers and exporters with tougher regulations risks pushing more traders to the black market for their dollars. As a scarcity of foreign-exchange worsens in Africa’s largest economy, the central bank on Tuesday ordered banks to report exporters that fail to repatriate income made abroad. The directive comes only a day after the regulator banned importers from using external agents to pay for goods, a bid to keep money inside the nation’s borders. The threat of punishment, which could see exporters banned from accessing dollars, won’t work, said ... (full story)
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