ABUJA, Nigeria (AP) — Business has vanished at Kingsley Odafe’s clothing shop in Nigeria’s capital, forcing him to lay off three employees. One culprit for his troubles stands out: The U.S. dollar’s strength against the Nigerian currency, the naira, has pushed the price of garments and other foreign goods beyond the reach of local consumers. A bag of imported clothes costs three times what it did two years ago. The price these days is running around 350,000 naira, or $450. “There are no sales an
They also complain that fluctuations in the dollar can destabilize their economies. A rising dollar, for instance, can cause chaos abroad by drawing investment out of other countries. It also increases the cost of repaying loans denominated in dollars andKenyan President William Ruto has grumbled this year about Africa’s dependence on the dollar and thefrom its ups and downs, while the Kenyan shilling plunges in value.
Brazilian President Luiz Inácio Lula da Silva has supported a common currency for commerce within the South American bloc Mercosur and for“Why does Brazil need the dollar to trade with China or Argentina? We can trade in our currency,” he told reporters this month.
Still, the dollar’s hold on global commerce has loosened somewhat in recent years as banks, businesses and investors have turned to the euro and China’s yuan. The dollar still has its supporters. In Argentina, Javier Milei, who emerged from primary voting Monday as theIn Zimbabwe, Lovemore Mutenha’s liquor store collapsed whenin 2008. He only managed to resuscitate the business when the country abandoned the local currency for a basket of currencies dominated by the dollar.
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