The implications of naira’s unprecedented rally, By ‘Tope Fasua

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Unprecedented, yes! Never has the naira made such a comeback against global currencies – especially the US dollar – as it has in recent times. Even Bloomberg and other financial news sites have called it ‘world-beating’. The last time the naira ever made some recovery was from the one-way devaluation that was the upshot of our dalliance with the Structural Adjustment Programme of the late 1980s.

The final straw, in my own books, was President Tinubu’s ability to move against black market traders. Bureaux de Change had morphed with black marketers and lost their sense of identity as part of the legit, official market. Everybody was behaving as they liked. I begged President Buhari, in several articles before he left government, to please clean up that segment, which had grown too large. He was rather catatonic.

Nigerian Government No Longer Has To Worry Much About Paying Huge Subsidies on Electricity and Petroleum.

 

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