Nigeria’s long-standing multiple FX rate puts it in unwanted company 

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Nigeria is one of the very few countries in the emerging and frontier world that still has multiple official exchange rates, along with Venezuela and Iran. Major oil producers, Venezuela and Iran, are two prominent and negative examples of multiple exchange rate practice, even though the former is in worse straits than Nigeria. The Venezuelan…

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Investors adopt risk-proofing measures after FX crisis

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Nigeria’s first economic recession in 25 years, in the second quarter of 2016, caught several investors and consumers unprepared. The attendant foreign exchange (FX) crunch left many businesses gasping for breath. “At times the only way to access FX was through the black market and this led to a tripling of costs in some cases,”…

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