Globally, the Greenback Remains King
BY NGUYEN ANH THU IN VIETNAM, DARCY CROWE IN VENEZUELA, AND WILL CONNORS IN NIGERIA
The U.S. dollar, once universally accepted as the world’s strongest currency, has been trounced in recent months by everything from the euro to the Brazilian real to the South Korean won. But in the back-alley markets where business is done in many of the world’s developing economies, the dollar still reigns.
In jewelry stores in Vietnam, taxicabs in Venezuela and outdoor markets in Nigeria, black-market money-changers say the dollar is still the currency of choice, even though its value has fallen in some cases.
“The U.S. dollar is losing value, but not here in Vietnam,” said Vu Manh Quynh, a…