Nigeria’s naira defies Emefiele’s ten interventions, falls by 315%

By Akin Irede
Posted on Thursday, 4 August 2022 21:53

Nigeria's Central Bank Governor Godwin Emefiele briefis the media during the MPC meeting in Abuja, Nigeria January 24, 2020. REUTERS/Afolabi Sotunde

Higher than the United States dollar when it was first introduced in 1973, the naira has witnessed a steep decline since adopting the Structural Adjustment Programme of the IMF in the mid 1980s.

Since 2014, the naira has become more unstable than ever. This also coincided with the emergence of Godwin Emefiele as the Governor of the Central Bank of Nigeria (CBN).

On Emefiele’s watch, the naira has fallen from N171/$1 in February 2014 to N710/$1 on the parallel market in July 2022, a decrease of 315%.