Economics
Dollar Squeeze Chokes Nigeria’s Economy as Recession Looms
- Banks have cut access to dollars for individuals, businesses
- Foreign-exchange scarcity poses long-term risks to markets
Photographer: KC Nwakalor/Bloomberg
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Nigeria’s foreign-currency shortage is squeezing the life out of Africa’s biggest economy.
Banks won’t honor card payments, foreign investors can’t get their money out and manufacturers are unable to import vital raw materials as output hurtles toward a second contraction in four years.