LUANDA: Sitting under an umbrella in the heat of Angola's capital Luanda, a vendor holds a makeshift currency exchange board on which is scribbled "335 kwanzas: $1" -- more than double the official rate of 155 kwanzas.
The drop in the price of crude oil to its lowest level in more than a decade has not only pushed Angola's currency to record lows, it has plunged the economy of Africa's second largest crude producer into a crisis.
Despite the country's oil and diamond resources, Angola suffers endemic poverty, with more than a third of the population of around 24 million living below the poverty line, according to the United Nations.
Fallout from the oil price crunch is inflicting even more pain on the already struggling poor, and risks threatening the stability of the country.
The kwanza currency lost 35 percent of its value against the dollar last year and Angolans are rushing to turn their local savings into more stable units, yet banks are low on foreign exchange.
The black market is their only hope for now.
"There is a strong demand for the dollar," said a young black marketeer on condition of anonymity.
The rate "can't continue to go up like this, otherwise it becomes dangerous, people are fed up", he said.
In December, central bank governor Jose Pedro de Morais tried to calm nerves, saying there was "no dollar crisis in the country".
"There is a balance of payment deficit and there are fewer foreign resources, but the 2016 national budget will try to address this temporary difficulty," he said.
Shortly after his remarks, the bank devalued the currency by 15 percent against the dollar.
The devaluation did not come as a surprise "given the price of oil, the pressure on the foreign exchange reserves and government revenue below government's budget," said an internal note from a regional bank.
"A weaker currency is needed to slow imports demand and help exports.
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