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 Friday exchanged at N444.75 to the dollar at the Investors and Exporters window, a depreciation of 0.06 per cent, compared with N444.50 to the dollar it exchanged on Thursday.
The open indicative rate closed at N443 to the dollar on Friday.
An exchange rate of N447 to the dollar was the highest rate recorded within the day’s trading before it settled at N444.75.
The Naira sold for as low as 438 to the dollar within the day’s trading.
A total of 61.89 million dollars was traded at the official Investors and Exporters window on Friday.
