Indeed, Naira devaluation is probably the most potent weapon against the prosperity of Nigerians. Nigeria’s migration from a potential industrial power house with bustling social affluence, to a subdued and stumbling economy clearly began with the adoption of IMF’s Structural Adjustment Programme during Babangida’s regime: the chorus from International Agencies, at that time, was also that falling oil prices with an unserviced debt burden and the consequent restriction of trade credit to Nigeria, were the products of an allegedly overvalued Naira exchange rate.
The Naira on Wednesday lost to the green back at the Investors and Exporters window, exchanging at 424.88 to the dollar against 421.00 traded on Tuesday, a 0.80 per cent depreciation.
The open indicative rate closed at N421.80 to the dollar on Wednesday.
An exchange rate of N444.00 to the dollar was the highest rate recorded within the day’s trading before it settled at N424.88.
The naira sold for as low as 410 to the dollar within the day’s trading.
A total of 112.83 million dollars was traded in foreign exchange at the official Investors and Exporters window on Wednesday.
Disclaimer
Comments expressed here do not reflect the opinions of Vanguard newspapers or any employee thereof.