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 depreciated by 0.7 per cent at the parallel market, following the last minute payment of tuition fees abroad. The naira lost N2 to exchange at N307 to a dollar against N305 traded on Tuesday.
The Naira had relatively remained stable in the past weeks. However, the naira closed at N197 to a dollar at the CBN’s official rate. Traders at the market expressed optimism that the proposed intervention of the apex bank by selling foreign exchange to the commercial banks would shore up the naira.
Some parents, who spoke on condition of anonymity, said that it was stressful sourcing dollars to pay school fees of their children abroad. They urged the Federal Government to ensure easy access to dollars for legitimate needs. (
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