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Nigeria’s economy will soon receive more fiscal bashing as the nation’s apex bank, last week further devalued the local currency.

The local currency, naira is currently trading at N380/$1 at the secondary market intervention sales, SMIS which is the window for importers of goods not in the prohibition list. About three months ago, it was trading at N360/$1.

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Bureau De Change, BDC is trading at N461/$1 – a rate that will also contribute to the hardship due to expected astronomical rise in the price of imported goods in the prohibition list, as a result of the devaluation.

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 On harmonization of the country’s exchange regime, an adviser to the Governor of the apex bank who pleaded anonymity told The Guardian that IMF has “been wanting us to unify our exchange rate regimes”

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. If the current trading rates are juxtaposed with the earnings of Nigerian workers, farmers, artisans and ‘the man on the street’, quite a tough awaits the people and the living standard is bound to nosedive.


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