Has The Naira Devaluation Returned?
For the last few months the the Nigerian currency (i.e Naira) has been gradually gaining value against one of the strongest currencies in the world and the universal medium of international transaction, which is the USA dollar but it was not always so. The year 2004 began with one ($1) dollar equal to about one thousand four hundred (#1400) Naira. Although there was no substantial justification for this and it was evident that it was a manipulative move by the bank owners and their bureau de change partners to exploit loop holes in the financial policy of the country to line their pockets, the devaluation of the Naira steadily continued until one ($1) dollar was equivalent to one thousand eight hindered (#1800) Naira. This was when the Nigerian government finally took a stand, publicly pronounced this as a gross injustice to the Nigerian citizens feeling the brunt of the intense devaluation and took economic steps to restore the Naira to the actual value. The move by the Nig...