Nigeria: The Implications of Naira’s Unprecedented Rally

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 (SAP) of the late 1980s. It was only in August 2007, with crude oil selling at an all-time-high of $140 per barrel, and…