Dollar Scarcity Hits Nigeria, Mauritius, Other African Countries, Central Banks Step In [Video]

• African central banks are stepping up their market operations to stabilize their falling currencies and lower import inflation
• Bloomberg reported that some African countries including Nigeria spent $400 million to defend their currencies
• According to experts, during terms-of-trade shocks, these interventions become more frequent and significant

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

In an effort to support their collapsing currencies and reduce import inflation, African central banks are increasing their market interventions.

According to Bloomberg data, since July, South Sudan, Mauritius, Nigeria, Zambia, and Zimbabwe have spent at least $400 million together to defend their currencies.

Days after allowing its currency to float freely, Ethiopia, intends to run an auction on Wednesday in an effort to narrow the difference between …