Nigeria's unending forex crisis hurting business
Nigeria's currency scarcity remains a nightmare that won't go away, with even Africa's richest man Aliko Dangote feeling the pain. The West African country's economy has been hammered by the global crash in oil prices -- worth 70 per cent of its revenue and the bulk of its dollars -- and ongoing rebel attacks on oil infrastructure in the southern swamplands. To protect its foreign reserves, Nigeria banned the importation of many goods, ranging from toothpicks to rice.
Read more »