21-11-2016 15:05 via news.yahoo.com

Nigeria considers foreign exchange reforms as dollar shortages bite

By Chijioke Ohuocha and Oludare Mayowa LAGOS (Reuters) - Nigeria is considering amendments to its foreign exchange laws to curb illegal fund transfers and insider dealing and stop individuals holding hard currency outside the banking system, a draft bill seen by Reuters on Monday showed. Africa's largest economy is facing chronic dollar shortages caused by a slump in sales of and prices for crude oil, its mainstay, which has slashed government revenues, weakened the naira currency, stoked inflat
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