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No Dollar Access Imperils Nigerian Retailers, Spurs Prices

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Mojeed Jamiu is cutting jobs and raising prices to prevent his furniture and clothing store in Lagos from closing after Central Bank of Nigeria Governor Godwin Emefiele restricted foreign currency supply for some imports.

Emefiele in June banned importers from using official foreign-currency channels leaving many to use illegal markets for about 40 categories of goods, including furniture, textiles and rice, the latest in a series of controls since December that have dried up dollar supplies in Africa’s biggest economy and oil producer.