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Zimbabweans Mend Old Dollar Notes as Economic Crisis Worsens

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Worn out, torn or shredded $1 notes are now sort after in Zimbabwe, as the economic crisis lingers. Dollar bills are used by many people to buy their daily needs. Crisp new notes are not coming into Zimbabwe, so enterprising traders are fixing old ones for desperate customers.

Formal businesses, however reject such notes, forcing people to sell them to traders in the informal sector for a fraction of their original value. Informal street markets will usually — with some negotiation — accept the glue-patched notes.

Zimbabwe’s booming informal economy uses about two-thirds of the population, according to the International Monetary Fund, so there are lots of dirty dollars in circulation.

The U.S. dollar has dominated transactions in Zimbabwe since the country’s hyperinflation soared to more than 5 billion per cent and forced the government to abandon the local currency in 2009.

Last year the government re-introduced a Zimbabwean currency and banned foreign currencies for local transactions. Few took heed though and the black market thrived, while the local currency quickly devalued. In March this year, the government relented and unbanned the dollar. Now shortages of small denominations of the dollar are a recurring nightmare.

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NC Village Square | The Rising Insecurity in Nigeria

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Nigeria is in a security crisis and too many of these incidents have gone unchecked. Boko Haram and ISWAP terrorists are killing with reckless abandon, and the Nigerian people want an end to the bloodshed.

Watch Sulaiman Aledeh as he discusses the rising insecurity in Nigeria with a Security expert from Abuja, Kabir Adamu and a preventive terrorism expert from the UK, Temitope Olodo.

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NC Village Square | What Attributed To The Resurgence Of Terrorism In Nigeria?

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Boko Haram has risen and returned with damning destruction. Nigeria’s President, Muhammadu Buhari has been asked to sack the nation’s Service Chiefs now, before the nation is plunged into a state it may never recover from. The coming days will tell how serious the Nigerian government is about its own people, their stability and security.

Watch Village Square Africa with Sulaiman Aledeh as he asks a retired commodore, Abimbola Ayuba and African affairs analyst, Lanre Suraj what attributed to the resurgence of terrorism in Nigeria.

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Business Edge | CBN Directs Banks to Close International Monetary Transfer Operators’ Proceeds

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Today on Business Edge, Tolulope Adeleru-Balogun and Tunji Andrews, Financial Analyst and Co-founder Awabah talked about the following and how it affects you and I: 1. Nigeria’s CBN Directs Banks to Close International Monetary Transfer Operators’ (IMTOs) Proceeds 2. Forex Liquidity and the Risks to Nigerian Banks’ Ratings according to Fitch

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