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A Nigerian oil producer (reference currency Nigerian Naira, NGN) sells USD 100 million worth of crude oil per year to domestic buyers. At the current

A Nigerian oil producer (reference currency Nigerian Naira, NGN) sells USD 100 million worth of crude oil per year to domestic buyers. At the current exchange rate of 1 USD = 460 NGN, this corresponds to revenues of NGN 46 billion in local currency. Local production costs are NGN 30 billion, so that the annual profit is NGN 16 billion

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