Dollar Squeeze Chokes Nigeria’s Economy as Recession Looms

(Bloomberg) — Nigeria’s foreign-currency shortage is squeezing the life out of Africa’s biggest economy.



a group of people in a city: Stalls selling textiles, consumer goods and electronics line an area of Utako Ultra Modern market in Abuja, Nigeria on June 3.


© Bloomberg
Stalls selling textiles, consumer goods and electronics line an area of Utako Ultra Modern market in Abuja, Nigeria on June 3.

Banks won’t honor card payments, foreign investors can’t get their money out and manufacturers are unable to import vital raw materials as output hurtles toward a second contraction in four years.

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Dependent on oil exports for half of its revenue, the Nigerian government’s coffers have emptied after crude prices plunged in the wake of the coronavirus pandemic. There’s little prospect of a respite any time soon: it needs oil prices of $70 per barrel and production of 2 million barrels a day to balance its budget, but prices are hovering around $40 and OPEC curbs have restricted the nation’s output to about 1.4 million barrels a day.

The evaporation of foreign

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Department Of Insurance And Financial Services Prohibits Discrimination Based On Sex Or Gender

The Department of Insurance and Financial Services (DIFS) issued a bulletin Tuesday to health insurers prohibiting discrimination on the basis of sexual orientation and gender identity.

Equality Michigan Executive Director Erin Knott said that equitable access to health care is essential while the state continues its ongoing battle with COVID-19.

“Every person deserves fair and equal access to healthcare,” said in a statement. “In the middle of our current health crisis, it’s scary to think that people could be denied the medical care they need when they need it. LGBTQ+ Michiganders live with this fear even in the best of times, and that’s why we need to make sure no Michigander faces discrimination or is denied care simply because of who they are and whom they love.”

The bulletin ensures that all financial service and insurance entities regulated by DIFS, including health insurance plans, cannot deny access, limit benefits, impose

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