http://www.businessweek.com/news/2012-03-13/nigeria-s-naira-advances-from-month-low-on-stronger-oil-prices
Nigeria's currency the Naira appreciated from a near month low on speculation that it will be supported as stronger oil prices outweighed an increase in gasoline import orders. The currency strengthened 0.3 percent to 157.85 per USD. Nigerian benchmark Bonny Light crude has jumped 16 percent this year alone. Nigerian oil production has been growing stronger while higher prices are also a boom. Nigeria has to import 70% of its fuel because of its lack of refining capacity approved 3.57 million metric tons of gasoline imports into the country for the second quarter. The economy of Nigeria sub-Saharan Africa's second largest expanded 7.68 percent in the last quarter of 2011. Also borrowing costs on Nigeria's domestic bonds due 2015 increased 0.11 percentage points. This shows how important the production of oil is to Nigeria's economy yet due to their lack of refining capacity they have to import oil. This leads to high economic disparity within the nation because of its crisis in the demand for oil. Also the domestic violence by groups such as Boko Haram continue to weaken the country and leave it more vulnerable.
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