Devaluation of the naira is undoubtedly the most effective tool against Nigerians’ prosperity. The adoption of the IMF’s Structural Adjustment Program during Babangida’s regime marked the beginning of Nigeria’s transition from a potential industrial powerhouse with a thriving social affluence to a subdued and stumbling economy.
At the time, the chorus from international agencies claimed that falling oil prices, an unserviced debt burden, and the ensuing restriction of trade credit to Nigeria were the results of an allegedly overvalued Naira exchange rate.
The Naira depreciated by 0.06 percent on Friday at the Investors and Exporters window, trading for N444.75 to the dollar as opposed to N444.50 on Thursday.
On Friday, the open indicative rate reached a high of N443 to the dollar.
Before it closed at N444.75, the exchange rate for the day’s trade reached a high of N447 to the dollar.
In the course of the day’s trade, the Naira fell as low as 438 to the dollar.
On Friday, transactions at the official Investors and Exporters window totaled 61.89 million dollars.
