The oil slide continues

The IMF is pressing Nigeria to again devalue its currency the naira, a currency that has lost nearly 40% of its value in the last two years, pushed lower by a 20% stock market drop and political uncertainty. Nigeria is one of the OPEC cartel countries that is in danger of sovereign debt default like fellow member Venezuela, that has been crushed by the commodities deflation and unable to provide basic services to its citizens.

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