Nigeria’s Currency Plummets as Naira Floats Under Buhari’s Watch

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On Monday June 20, 2016, Nigeria’s currency plummeted, losing more than 40 percent of its value as the government floated the naira for the first time in the history of the country.

This economic crisis was aggravated by President Buhari’s 16-month-long insistence that the Central Bank defend the naira at a fixed rate of 197 to the dollar, while at the same time closing the Bureau de Change and restricting other access to obtaining foreign currency for international business.

The naira started Monday at N255 to the dollar but ended with $530 million being traded at N280 to the dollar among 21 banks, according to reliable sources familiar with the Central Bank records.

 

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