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 Monday appreciated at the parallel market after about two weeks of posting losses.
The currency gained 3 points to exchange at N490, from N493 it posted last Friday, while the Pound Sterling and the Euro traded at N600 and N506, respectively.
At the Bureau De Change (BDC) window, the Naira closed at N399, CBN rate, while the Pound Sterling and the Euro traded at N599 and N510, respectively.
Trading on the floor of the inter-bank market saw the Naira stable at N305.00.
Traders at the market linked the appreciation of the Naira to slow activities at the market.
The Naira had exchanged around N490 in spite of speculations that it would hit the N500 to a dollar mark.
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