A bureau de change operator counts U.S. currency notes in Abuja, March 12, 2015. REUTERS/Afolabi Sotunde
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Few Nigerians are applauding the collapse of oil prices, which has hit the economy of Africa's top crude producer hard and hammered its currency, the naira.In South Sudan, one of the world's poorest countries, the formal central bank rate is 2.95 pounds to the dollar, but traders say the bank refused to sell, forcing them to resort to the streets where the greenback is worth more than double its official rate.The consequence has been to force more people to the black market, where the currency's rate has fallen as low as 227 this week, more than 10 percent weaker than its official level.Since oil prices slumped over 6 months ago, rich Nigerians have started turning to the street market, squeezing out smaller fry with orders sometimes totaling as much as $1 million.In Angola, Africa's second-biggest crude producer, foreign currency is supposed to be available from bureaux de change but with oil revenues dropping dramatically in the last six months, most have run out.Passengers needing foreign currency were exasperated.
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