This black market for foreign currencies is among the signs of the economic woes plaguing Algeria. In the oil-rich North African nation, business owners are rumored to be dumping their assets and scrounging up euros on the black market so their wealth isn't stuck. The government estimates roughly $7 billion worth of foreign currency trades hands on the country's black market. Traders are intimately aware that the gap between the official and black market exchange rate can narrow or widen by the day. The growing chasm between the official and black market rates meant fewer euros are getting into the country, he said.

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Persons: isn't, Belamane, Nourdine Sadaoui, Hicham Safar, “, ”, Abdelmajid Tebboune, Karim Allam Organizations: Associated Press, Traders, “, Bank of Locations: ALGIERS, Algeria, Algiers, Mecca, Europe's, Lebanon, Nigeria, Bank of Algeria, Ukraine, Europe, Russian