Naira and the plan for further devaluation

THE naira was one of the world's strongest currencies ' far stronger than the American dollar - until the mid-1980s when its free fall started. The sharp drop in the value of the naira was occasioned by the Nigerian Government's acceptance of the Structural Adjustment Programme (SAP) of the International Monetary Fund (IMF). In spite of the fact that notable Nigerian economists vigorously opposed the harmful package of the IMF, the government embraced it and the value of the naira has since been a story of progressive decline. What was recommended as an antidote to third world countri
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