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In 2016, the black-market exchange rate of the Naira was about 60% above the official rate. The central bank releases about $200 million each week at the official exchange rate. However, some companies cite that budgets now include a 30% "premium" to be paid to central bank officials to get dollars. [155]
Even before the devaluation of the local currency, the naira, in June 2023, Lagos was a place where US$10 (9.10 euros) could keep you full for a day and buy souvenirs to boot. [ 161 ] [ 162 ] The stress-resistant and experienced bargain-hunter buys brand-name clothes for a knockdown price at the eco-market and the adjoining Martin Street.
A period of chronic shortages, was the first stage of price deregulation, which allowed goods to stay in Armenia as opposed to being exported for better prices; the inflation rates were 10 percent in 1990, 100 percent in 1991, and 642.5 percent during the first four months of 1992, compared with the first four months of 1991.