The Central Bank of Nigeria (CBN) is deliberately devaluing the Naira, the theory being that dwindling demand for crude would cause it to lack the requisite foreign exchange to sustain the former rate.  Now, reports are that the CBN has “vowed to flood the financial market with dollars to and drive down the exchange rate and police the market adequately to ensure that every cent obtained is spent lawfully.”  In the last month, the naira has depreciated in the official market from N116.50 to N135.95 to the dollar.  CBN Governor, Prof. Charles Soludo, explained that the instant Naira devaluation was “deliberate and that the economy is robust enough to withstand the fall of the currency.”  In a rather brutally honest rebuttal to this policy, the national chairman of the Council of Nigeria Political Parties (CNPP), Dr. Olapade Agoro disagreed.

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