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 exchanged at 461.90 to the dollar at the Investors and Exporters window.
The figure represented a decrease of 0.09 per cent, compared with the 461.50 it exchanged on Tuesday.
The open indicative rate closed at N460.25 to the dollar on Wednesday.
An exchange rate of N462 to the dollar was the highest rate recorded within the day’s trading before it settled at N461.90.
The naira sold for as low as 440 to the dollar within the day’s trading.
A total of N151.26 million was traded at the official Investors and Exporters window on Wednesday.